The real estate market in the top three micro-markets – Delhi, Noida and Gurgaon - is witnessing an upswing in demand and value. Real estate continues to be the best investment option in Delhi-NCR micro-markets, with people choosing to prefer these cities over others to live.
In a report by Research & Reports(R&R), it was highlighted that each micro-market in Delhi-NCR is showing consistent momentum, with growth beyond everyone’s expectations. Talking separately about all three micro-markets and their growth areas, the trends clearly show some prime pockets acing over others.
In Gurgaon, the three major markets include Golf Course Road, Golf Course Extension & SPR, and New Gurugram and Expressway, which are all registering YoY appreciation, and showing growth both, in terms of value and rentals. The ready-to-move properties here witnessed over 16 per cent YoY increase in capital values. With over 22 per cent YoY increase, under-construction properties saw higher appreciation in capital values as compared to ready-to-move properties. Demand for rentals witnessed an increase of 12 per cent YoY in average rentals. Golf Course Road and Dwarka Expressway saw the highest peak in rentals with 14 % and 12% YoY growth, respectively.
In Noida, the prominent markets include, Sector 150, Noida-Greater Noida Expressway, and Sectors like 50, 75, 78, 79 and 107. An average of 12 per cent YoY growth in completed properties here witnessed a significant increase in the capital values. The highest growth in the capital values for ready-to-move properties was witnessed in Sectors 50, 75, 78, 79 & 107, with over 13% YoY increase. In the under-construction property segment, the annual increase in capital values stood at around 14 per cent. The highest growth in the capital values for under-construction properties was noted in the micro-market of Noida-Gr Noida. Average rentals of premium properties in Noida increased by over 14% last year. Noida-Gr Noida Expressway saw the highest, over 16% annual increase, in rentals.
In Delhi, the top markets include, South-West, South-East, and South-Central and Central, with prominent areas including, Shanti Niketan, Anand Niketan, Westend, Vasant Vihar, GK-I, GK-II, NFC, Defence Colony, Sundar Nagar, amongst others. These areas witnessed a significant increase in the capital value of residential plots, with some markets surging ahead. South-Central market with 10% YoY, and South-East market with 3% YoY growth witnessed the highest and the second highest increase in prices respectively. The sales took to a new high, establishing new price benchmarks across South and Central Delhi, with Central Delhi leading from the front. As far as rental values are concerned, South-Central with 15% YOY growth witnessed the highest increase in rentals, followed by South-West and Central at 12-13% respectively.
These trends affirm buyer preference for areas offering better amenities, and a product mix that suits their requirements in the current times. A number of factors are driving the success of Gurgaon, Noida and Delhi micro-markets and their prominent zones, which includes their favourable demographics, robust infrastructure, and availability of prominent projects here.
