Delhi and NCR Region
New Delhi or Delhi is the capital city of India and one of the most important commercial centers in South Asia. It has been mentioned in the coveted list of world's fastest growing office rental markets in the year 2007. The Capital City of India has grabbed the 7th position in top 10, with Mumbai, the commercial capital of India, rising to 5th place with the real estate growth being pushed by boom in data centre and IT operations.
Real Estate Prices in Delhi Residential Areas: South Delhi commands the highest prices in terms of property purchase and rented accommodations. Areas like Golf Link, Zor Bagh, Anand Lok, Chanakya Puri, Shanti niketan, Sainik Farms, Defence colony, Niti bagh, Aurangzeb Road command the highest figures in the capital city. The rentals are also very high. These areas have huge mansions with big areas.
West Delhi: Areas like Patel Nagar, Rajouri Garden, Paschim Vihar, also command high prices. North Delhi areas like Model town, Pitampura, Rohini etc. also have high real estate value. East Delhi commands the lowest prices both in property buying and renting.
Commercial Areas: The most popular commercial area in New Delhi is Connaught Place. It has one of the highest property prices and rentals comparable with the highest in the world. Other areas like South Extension, Greater Kailash, Hauz Khas command very high real estate prices. These areas have the most modern designer malls, exclusive showrooms of foreign brands, host to almost all eating and shopping joints.
Industrial Areas: Naraina, Okhla, Kirti Nagar, Anand Parbat are some of the most popular industrial areas in Delhi. These areas are host to a number of large , medium and small scale companies across industries. The government has set up small scale factory complexes in this region for the benefit.
Reasons of Rising Real Estate Prices
- Good connectivity: The capital city has good connectivity with almost every city in India and also to all international airports. This makes it a very lucrative investment for real estate developers, companies and individual buyers.
- Presence of MNCs: The presence of well educated and English speaking workforce has attracted large number of multinational corporations and a number of outsourcing companies. A number of companies have established their corporate office and headquarters in the city, increasing the demand for commercial and industrial property.
- Industrial Growth: Excellent infrastructural facilities, skilled workforce and geographical considerations have made a large number of industries being established in the city. A large number of information technology, telecommunications, hotels, banking, media and tourism companies have set up their offices in the city, pushing the demand for real estate.
- Growing retail Industry: The booming retail industry has further aggravated the demand for real estate in the city, thereby leading to a very high price of properties.
National Capital Region (NCR) National Capital Region or NCR, is a common term used for a region or a district surrounding the capital city of a country. National capital region of Delhi includes a list of satellite towns surrounding the city. Following is the list of satellite towns falling in the NCR region and their respective states.
|Greater Noida||Uttar Pradesh|
The NCR region is fast developing and has become one of the most expensive real estate areas. These satellite towns have good infrastructure,connectivity and rising working population which has lead to an increase in the demand for residential, commercial and industrial real estate.
A large number of industries like BPOs, Telecommunications, FMCG, consumer durables, IT and ITES companies and other companies in the service industry have opened their corporate offices in this region. This has further pushed the prices for commercial real estate and office space.