Property in the National Capital Region (NCR) is always sought after despite the high real estate prices. Still buyers flock to NCR areas like Gurgaon, Noida, Faridabad, Ghaziabad because land is available there. As per an estimate, real estate prices in the NCR region have risen by about 30-35% in the last quarter.
Sample this, super-luxury apartments developed by Ambience Infrastructure Pvt Ltd on Delhi-Jaipur expressway (that crosses the NCR) is available for Rs 13,500- 14,750 per sq ft. These apartments have a super area of 7,672 sq ft. These apartments are the costliest property up for sale in the NCR. Media reports suggest that despite this heavy price, many buyers have shown their keen interest in the said property. This hints that there is a huge demand for premium property in the NCR.
Ambience Infrastructure had earlier built another premium residential project in Gurgaon. This project, called The Magnolias, sold for about Rs 7,500 per sq ft. This project had 410 luxury residential apartments.
The property boom in the NCR can be attributed to the ongoing commercial developments in the region. This has been triggered by an increase in the demand for office and residential property. Lack of space in Delhi and huge capital and rental values there drives all the industry players to seek land in the NCR. Hence, all prominent MNCs, manufacturing units, BPOs, IT companies are all flocking to the NCR in search of good office or retail space or industrial land.
However, the rising cost of construction of the upcoming real estate projects are bound to dampen the spirits of the property developers. Many real estate developers are now hiring the services of foreign project management consultancy companies for faster implementation of their construction projects. Some of these foreign companies include Australia's Sterling Construction System known for constructing an entire floor in three days and large project management consultancy companies like Leighton of Australia and Turner of the US. It seems like there is no stopping for this construction boom.