REAL ESTATE DEVELOPERS HAVE A BOOM TIME IN DELHI
Investments made in real estate, similar to gold, seldom give bad returns. This is simply to do with the huge mismatch between demand and supply. With the population of India growing at an alarming rate, it is but natural that the pressure on land only goes north bound. And since income from agriculture produce is down to a trickle it is the real estate that experiences a boom as more and more of agricultural land gets turned into housing or commercial complexes. The increasing urbanization of our country has made real estate the prime focus of developers and buyers. Furthermore, as the price of real estate does not remain static but goes about in an upward trajectory, it is all the more important that buyers invest today to enjoy the fruits in future.
By virtue of being the capital city of India, Delhi remains the nucleus of politics, bureaucracy, defense, foreign affairs, education, sports, health, business and many more. The city attracts people from all across the country and abroad who come here in droves for jobs, as tourists, and for many other purposes. It goes without saying that given the pressure of people on the landmass of Delhi, the megapolis continues to burst at the seams besides expanding in areas that were previously rural in character. For any real estate developer in Delhi the ever expanding city can only mean good business. Of late, the city and the broader NCR have become business hubs attracting leading companies in the IT, KP and ITES sectors. As the city becomes a magnet for business, there is an increased demand for offices, commercial spaces, schools, residential complexes, and shopping plazas.
The areas to look out for
The city has a number of areas that can be rightly called ‘real estate paradise’ for being close to business centres. These areas are Anand Vihar, Nehru Place, Dwarka, Safdarjung, and Kalkaji, among others. Importantly, the spread of metro has brought about a sweeping change in terms of transportation by way of piquing the interest of well heeled buyers to the city. Anyone interested in buying pieces of real estate in such places should research well and after doing due diligence should decide on investing. Moreover, as the government including the DDA, has plans to build housing complexes mostly for the middle classes, buying a property in Delhi would be lucrative.
The essential infrastructure to look out for
While scouting for a real estate developer in Delhi, it is important to look for a place where requisite infrastructure that is part of the modern day living, exists – playgrounds, shopping plaza, broadband connection, uninterrupted power supply, basic security apparatus, road connectivity, garbage collection, water connection, markets, educational institutions, entertainment hub, proximity to railway station and airport, health centres etc.
Is there any downside?
The real estate sector seems to be going through a correction. In many areas there seem to be a glut in new houses built that have remained unsold. This has happened primarily due to the high cost of such houses, which is way beyond the affordability of a majority of people. This scenario is likely to change once the government invests massively in housing and builds affordable dwellings. There is a feeling that private developers have inflated the cost to make a killing but one must find top real estate developers in Delhi who have a track record of probity and transparency.
Real estate can never go out of reckoning
Notwithstanding the myriad pitfalls enveloping the real estate sector, there is no denying that the sector will never go out of reckoning, especially in the capital city of Delhi.