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
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