Delhi, September 10 2013: International property consultancy Jones Lang LaSalle India has released its latest report ‘Emerging Corridors Of Delhi NCR‘, which studies this thriving region’s future real estate development potential amid various economic and regulatory changes. The report looks at the past 18-month period of reflection following the recovery that began in 2010. It offers a qualitative overview of the three sectors – office, retail and residential – with relevance to the Delhi NCR.
Delhi NCR is the largest urban agglomeration in India and the second largest in the world. This sub-market has an independent Planning Board, which was constituted to channel the flow and direction of economic growth and development along more balanced and spatially orientated paths. The body creates its own functional plans for the various constituent sub-markets of Delhi NCR and ensures implementation at state level, keeping in mind the overall Regional Plan.
Ashutosh Limaye, Head – Research & REIS, Jones Lang LaSalle India says, “All three real estate sectors in Delhi NCR – office, retail and residential – are displaying growth on account of the suburban towns surrounding the prime city. The market drivers in these regions are the considerable untapped development potential in these areas, and the substantial financial viability and affordability that they offer to both developers and end-users.”
The report asserts that the suburbs are the most important drivers of real estate growth across Delhi NCR. As such, they are also the drivers of pricing and other financial indicators. The prime city, has an appreciable level of office and retail stock, but the lack of potential for future development limits its growth.
With the existing suburban sprawls of Gurgaon, Noida and Ghaziabad now close to exhausting their development potential, the report also looks at five hotspots that are likely to emerge as the nerve centres of future growth planning and real estate development.
Santhosh Kumar, CEO – Operations, Jones Lang LaSalle India says, “The most important factor that drives real estate prices in any region is the dynamics of demand and supply. A sustained and buoyant demand for real estate in any particular location drives the real estate prices for that market.
Real estate demand is generated when an area has some inherent pull factor, an important economic driver, and/or major commercial activities that generate employment and therefore attract inward migration. In addition, factors such as improved infrastructure, enhanced connectivity with major commercial hubs and city centres and improved standard of living further foster demand for realty and boosts the realty market in any location.”
Please click here to download the report: Emerging Corridors Of Delhi NCR