It is a commonplace knowledge that the growth in a traditional sector like real estate is fuelled by the overall economic growth and environment. And if analyzed in the India context, this symbiotic relationship becomes much clear. In India, the reforms program has been going on for past one and a half decade and in the process it has led to a phenomenal growth in several sectors like IT, ITES, Telecom, etc. The real estate sector is perhaps the most recent one to join the coveted list of sectors which have taken off in a major way and all slated to hit the stratosphere in the years ahead. It indeed has the capacity to display “sky is the limit” syndrome and this is what it has begun to display in India.
Facts speak for themselves. The growth in Indian real estate sector is all round with hardly any element of the value chain being out of this “being on fire” trend.
Some of the key reasons which are driving the growth of the Indian real estate sector could be summed up as:
• The emergence of several satellite towns around prominent metropolitan cities as commercial hubs (like IT, ITES),
• Increasing spending power of Indian consumers,
• Supportive policies of the central government and several state governments.
The icing on the cake is: the real estate development in India is now no longer metro centric rather it is moving to Tier 1 and Tier 2 cities and within a time span of next 5-10 years, the entire landscape of urban and semi-urban locations in India is slated to change in a way that will be unbelievable.
GURGAON
By all accounts, Gurgaon occupies the pole position in the list of hot real estate hubs in India. The city has just matured into business process outsourcing (BPO) capital of India with most of the major MNC as well as domestic BPO firms having a facility here. Nothing surprising, the city is now also flush with a host of well-planned residential colonies and complexes and some of the most remarkable malls and multiplexes. This hub is all slated to grow much bigger than what it is today as more real estate projects are coming up on Gurgaon-Sohna road.
NOIDA
In Delhi/NCR circuit in the state of Uttar Pradesh, Noida was a late starter vis-à-vis Gurgaon but now is in a catching up mould. In last couple of years, it has also evolved as an ITES hub in addition to a hot turf for mall and commercial office complexes. Noida now boasts of the having the country’s largest mall – The Great India Place. A major plus in favor of Noida is its closest proximity to Delhi vis-à-vis other satellite towns of the national capital.
GREATER NOIDA
An extension of Noida, this real estate hub is more affordable than both Gurgaon and Noida today. Hectic construction activity is in full swing in the entire landscape of Greater Noida but the place presently has more of residential complexes than commercial complexes. The latter is slated to pick up momentum after the construction work of an international airport (the Uttar Pradesh government has already given the approval for it) is actually kick started. Greater Noida is also slated to be joined by Delhi Metro in the third phase of its extension which will further galvanize this real estate hub.
INDIRAPURAM, GHAZIABAD
With proximity to the national capital, this newly developed hub is turning out to be a paradise for middle-class consumers because of cheaper rates than any other satellite towns of Delhi. Several apartments are being erected at the place and Indirapuram today also boasts of some very large malls like Shipra. The place is slated to have more malls and apartments in the time to come.