With a lower number of new launches over the last 6-9 months and developers focusing more on finishing their pending projects, there are major investment opportunities for property buyers in the suburbs around the National Capital. There have been several infrastructural improvements as well. According to experts, there is a stagnation in development across the central regions with big redevelopment projects on the anvil or a major secondary market where prices still remain high for most buyers. As a result, there has been a price correction which bodes well for prospective buyers.
For example, the average residential apartment price on the Golf Course Road in Gurgaon hovered between Rs.11-12,500 per sq. ft. in the period between January and March, 2017. This represents a decline of close to 15-20% as compared to the same period in 2016 when rates hovered between Rs.14,500-15,000 per sq. ft. It is the same story with regard to regions that lie beyond east Delhi. Other areas like Noida Extension in the NCR have being seeing a stagnation in prices over the last couple of years. A similar situation is being witnessed in Manesar which is nearer to Gurgaon. The present capital values of apartments range between Rs.4,000-4,200 per sq. ft. on an average.
While new launches have reduced, experts believe that suburban zones which were witnessing project delays over the last few years will now witness frenetic activity. Several projects are nearing completion and these will be delivered within 2017 itself. Suburbs lying along the Delhi-Jaipur National Highway and other micro markets like Noida Extension, newly developed sectors in Noida, outskirts of Greater Noida and some areas in Faridabad are expected to witness good supply of properties in 2017. Experts also highlight that delivery timelines will be affected by the recent regulatory changes. The entire NCR including the suburban areas will soon have a real estate authority and developers will be hurrying to finish their projects earlier than scheduled as a result.
Buyers can expect good rental returns since the rental market has remained pretty strong in the National Capital on account of the high migrant working population that requires low-cost accommodation. Developers are also offering special schemes in cases where they are unable to provide immediate possession. Some buyers are getting assured monthly returns will their flats are delivered. There are several projects in Noida which come with these monthly payout schemes while some developers are even promising extended 5-10 year lease guarantees on purchased properties.
Several shopping complexes have also mushroomed in the suburbs along with other quality infrastructure. Connectivity has improved for regions lying beyond Sohna Road while parts of Greater Noida and the Noida Extension also offer good connectivity options along with being home to several shopping malls and complexes, reputed schools and entertainment hubs. Similar projects have also been planned along the Yamuna Expressway stretch. Infrastructure projects like the Delhi-Gurgaon Expressway and Noida-Greater Noida and Gurgaon-Manesar metro corridors will spark a development boom and improve connectivity to the suburbs upon completion. This will also boost the overall value of investments made in buying property in these regions.
