Manish Jha and Neha Kanojia
Fairfield Institute of Management & Technology, New Delhi
Delhi is now more or less saturated and the high demand for residential properties has increased rates beyond the reach of middle class. As a result, the suburban towns within the NCR; Gurgaon, Noida, Faridabad and Ghaziabad have become destinations for new residential projects that offer affordable quality housing to the middle class as well as luxury housing for high end users. As these suburbs are now increasingly generating employment, they will decide the future growth pattern of the NCR. The business and trader class still largely dominate old residential areas in west and northwest Delhi. Similarly the large multi-storey societies in East Delhi – in Mayur Vihar and Patparganj – have found preference with the service class. Suburban areas like Noida and Gurgaon have developed as alternative housing solutions and are inhabited mostly by professional and service class people, as well as an increasing upper middle class segment. Earlier people used to search for a new home within Delhi but now things have changed tremendously. People looking for a new home have started focusing on the upcoming NCR area comprising Gurgaon, Noida, Greater Noida, Faridabad and Ghazibad. There are numerous factors responsible for this change, which have been identified and analysed during the research.
Gurgaon offers a good quality of living with many high-end residential projects by private developers. Since it will be maturing as an independent city, occupancies will improve but in the present context, it is an oversupply situation. Noida has experienced rising prices in its existing commercial, retail and residential real estate. The new developing residential sectors are along the Greater Noida expressway. Authors have tried to study and analyze how buyers have opted for places like Gurgaon & Noida.
Real Estate, Housing, Market, Economy, Prices.
