A new growth cor­ri­dor north of Delhi

HT Estates - - HTESTATES - HT Es­tates Cor­re­spon­dent BRO­KERS’ TIPS

PROJECTS/BUILDERS Kundli en­joys ad­van­ta­geous prox­im­ity to the up­per-mid­dle-class res­i­den­tial catch­ment of north Delhi. While the TDI Group, with its land bank of over 1,250 acres, re­mains the premier de­vel­oper in the Kundli re­gion, oth­ers like Parsv­nath De­vel­op­ers, An­sal Prop­er­ties, Omaxe, Parker Group, Ra­heja Malls, Eldeco County, Tulip In­fra­struc­ture, Col­lage Group, Eros Group, AJS Builders, Divine Group, Shree Vardhman and Jin­dal Greens are all present here.

For those of you look­ing to buy prop­erty, the real es­tate mar­ket at Kundli in Soni­pat dis­trict of Haryana of­fers some good op­tions. There are sev­eral de­vel­op­ments such as the re­cent pro­posal to de­velop Soni­pat as a smart city, the 135km Kundli-Mane­sar-Pal­wal or KMP Ex­press­way, the ₹ 5,000 crore Ra­jiv Gandhi Ed­u­ca­tion City, the 100-me­tre-wide road from the IGI Air­port to Narela, im­proved rail con­nec­tiv­ity (a metro stop is pro­posed to be built at Kundli as part of the rapid rail trans­port sys­tem), a pro­posed lo­gis­tic park, a tex­tile park, etc.

Kundli also en­joys ad­van­ta­geous prox­im­ity to the up­per­mid­dle-class res­i­den­tial catch­ment of north Delhi. Against the back­drop of a land­scape that is be­ing in­creas­ingly de­fined by mega ed­u­ca­tion, in­sti­tu­tional and in­dus­trial projects as well as rapidly im­prov­ing in­fra­struc­ture, the out­look for the realty mar­ket within the KundliSoni­pat belt re­mains pos­i­tive.

Some builders de­cided to de­velop this mar­ket way back in 2004. They be­lieved that just as peo­ple from south Delhi had moved fur­ther into Gur­gaon, and those from east Delhi to Noida, the res­i­dents of north Delhi would find the KundliSoni­pat belt to be an at­trac­tive res­i­den­tial des­ti­na­tion. They as­sumed that those who had missed the bus in Ro­hini and ad­join­ing ar­eas would choose Soni­pat. An im­por­tant point, how­ever, was not fac­tored in. The two main driv­ers of de­vel­op­ment – con­nec­tiv­ity and a thriv­ing econ­omy – were miss­ing in Soni­pat.

Though the list of smart ci­ties to be de­vel­oped is yet to be fi­nalised, the Na­tional Cap­i­tal Re­gion may be first off the block. Gur­gaon, Soni­pat, Noida, Ghazi­abad and Farid­abad are ex­pected t o be i n t he f i rst batch of 35 satel­lite ci­ties to be con­verted to “smart ci­ties”. Salt Lake City in Kolkata, Navi Mumbai, Ye­la­hanka in Ban­ga­lore and Kanchipu­ram in Chen­nai could also make the cut. Th­ese will be built at an ini­tial de­vel­op­ment cost es­ti­mate of ₹ 35,000 crore a year.

“As many as 5000 units will be de­liv­ered in the area by the end of March 2015. As many as 3,000 units have al­ready been given for pos­ses­sion. There is more end-user de­mand rather

On of­fer­ing fi­nan­cial op­por­tu­ni­ties, the Kundli-Soni­pat belt has of­fered mod­er­ate-to-good re­turns on in­vest­ment in ab­so­lute terms, though not as good as Noida and Gur­gaon

On an av­er­age, there has been 30% to 40% ap­pre­ci­a­tion in apart­ment rates since 2007-2008, im­ply­ing that the an­nual prop­erty ap­pre­ci­a­tion rate in the Kundli re­gion has been in the range of 6% to 10%. Prop­erty in Noida and Gur­gaon have more than dou­bled in the same pe­riod

From a fu­ture in­vest­ment per­spec­tive, this re­gion will es­sen­tially con­tinue to re­main promis­ing due to its prox­im­ity to north Delhi and the Delhi bor­ders. In­vestors with con­strained bud­gets can ex­plore Kundli than in­vestors’ de­mand in the re­gion and that is what makes it an at­trac­tive realty mar­ket,” says Ka­mal Taneja, man­ag­ing di­rec­tor, TDI and vice pres­i­dent, Credai NCR.

“Ac­cord­ing to re­cent guide­lines, houses worth ₹ 65 lakh in the six met­ro­pol­i­tan cen­tres and ₹ 50 lakh in other ci­ties fall un­der the def­i­ni­tion of af­ford­able homes and are el­i­gi­ble for con­ces­sion for hous­ing loans. A large num­ber of units in this price bracket are avail­able in this area,” he says.

Pankaj Ba­jaj, man­ag­ing di­rec­tor, Eldeco, says the NH1 belt, which goes right up to Pa­ni­pat, has huge po­ten­tial for eco­nomic growth. Un­hin­dered ac­cess from North Delhi serves as a gate­way to the North­ern states of Pun­jab, Haryana, HP and J&K. Sev­eral in­fra­struc­ture ini­tia­tives will change the eco­nomic land­scape of the area. This mar­ket is cur­rently un­der­priced as com­pared to other re­gional mar­kets of NCR and is likely to see a sig­nif­i­cant up­ward cor­rec­tion in the next cou­ple of years.

“Kundli in Soni­pat dis­trict will be the next high growth cor­ri­dor of NCR. The re­gion en­joys ex­cel­lent con­nec­tiv­ity with Delhi through the NH1,” says Pankaj Goel, di­rec­tor, Ex­press Builders Ltd.

How­ever, much needs to be done be­fore the mi­cro mar­ket can take off in a big way. There have been de­lays in pro­posed in­fra­struc­ture projects, es­pe­cially the Kundli-Mane­sar-Pal­wal Ex­press­way (KMP).

The re­gion also lacks crit­i­cal mass in terms of pop­u­la­tion. More peo­ple need to move in. Also, it has yet to emerge as a pre­ferred of­fice des­ti­na­tion for IT/ITeS or­gan­i­sa­tions.

S BURMAULA

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