Low cost homes in Delhi a reality

Owning a home in India’s capital city—New Delhi— is a distant dream for many as over the years the realty prices have skyrocketed. There is a huge shortage for houses in the LIG segments (households with annual income of Rs.1-2 lakh) and people now are looking beyond the prime areas and exploring options in the Delhi-NCR region.

Affordable housing is the most talked about issue in the real estate sector and is aimed at people who can afford to buy a home within the budget of Rs 5 lakh to Rs 25 lakh. With Delhi’s population only increasing, it is estimated that there will be a huge demand in the Delhi-NCR region and many realtors are taking up projects in the region.

Delhi-NCR region

Cities like Gurgaon, Faridabad, Ghaziabad and Noida that constitute as the National Capital Region (NCR) are already well-established and aid the population with plenty of jobs and affordable housing options. Gurgaon hosts an Electronic City, spread over an area of 40 acres, which will soon make it the IT city of the country. The ideal location on the national highway of Delhi-Jaipur road, easy accessibility to Delhi’s international airport and good infrastructure has also enabled it to become the industrial hotbed.

Neemrana in Rajasthan is strategically located on NH-8 and is in proximity to other major industrial sub-markets of Bhiwadi, Bawal Khushkhera and Tapukhera. Bhiwadi, located in Alwar district of Rajasthan, is becoming one of the hottest zones for residential units. The industrial town is well-connected with Delhi and Jaipur and has good healthcare and educational institutes. Delhi Mumbai Industrial Corridor (DMIC), proposed Kundli-Manesar-Palwal (KMP) Expressway, bullet train and metro are all going to aid robust growth in the area. Dharuhera is one of the fastest growing towns of Haryana and is considered as the next growth corridor of Delhi and Gurgaon. Raj Nagar Extension in Ghaziabad is another region offering affordable housing because of its location, infrastructure and the social amenities in the vicinity.

Booming Delhi-NCR regions

• Gurgaon home to more than 402 large and medium scale companies
• Bawal home to many MNCs
• Big manufacturing units contributing to Dharuhera's growth
• Big IT giants and multinational companies queuing up to set shop in Delhi-NCR region

Development indicators

• Bhiwadi is emerging as the prominent industrial zone in Delhi-NCR region
• Rapid Rail Transit System to boost Dharuherafs infrastructure
• Electronic city, spread over 40 acres to make Gurgaon the IT city of India
• Delhi-Meerut Expressway and Delhi Mumbai Industrial Corridor (DMIC) to improve connectivity

Opportunities galore

Gurgaon has become one of the prominent places for industrial growth and has more than 402 large and medium scale companies and around 8,000 small scale companies. Few prominent companies in this region include the big IT giants like Hughes Software, Tata Consultancy Service, HCL, Siemens, etc. Bawal is home to many domestic as well as multinational companies such as Haco Group, Kansai Nerolac, etc, and the upcoming DMIC will also add to its infrastructure growth. Dharuhera has witnessed growth in the past few years and many big manufacturing units such as Hero MotoCorp, Amul, Amtek Auto, Sony, etc, have added jobs in the region. Due to Rajasthan State Industrial Development and Investment Corporation (RIICO), Bhiwadi has been witnessing growth in its infrastructure. The town is also a key industrial growth centre, with more than 2,500 industrial units.

Affordable homes make for 90 per cent of the demand and the Budget 2016 announcement on allowing 100 per cent deduction for profits to housing projects building homes up to 30 sq metres in the four metro cities and 60 sq metres in other cities is likely to spur the supply. Affordable housing will revive the growth climate of the realty market in Delhi-NCR region. Growth of infrastructure in the adjoining areas is opening up easier ways to commute and connectivity of new roads like the Delhi-Meerut Expressway will only increase the demand for affordable housing in the times to come.

olmdesk@outlookindia.com