Prices to sta­bilise in the long term in NCR

New stock ex­pected to come up in the Cap­i­tal un­der the land pool­ing pol­icy to cost be­tween 5,000 to 12,000 per sq ft

HT Estates - - NEWS -

The new stock ex­pected to come up in Delhi , as per the land pool­ing pol­icy, is likely to be priced at ₹ 5,000 to ₹ 12,000, de­pend­ing on the lo­ca­tion. This is in line with prices in the NCR, es­pe­cially ar­eas such as Noida, Mane­sar, Sohna. Cur­rently, hous­ing stock in Noida is priced be­tween ₹ 4,000 and ₹ 7,000 per sq ft and in Gur­gaon it’s ₹ 12,000 per sq ft. The en­tire range fits into both the Noida and Gur­gaon mar­kets.

In the mid to long term with a steady hous­ing sup­ply com­ing up in the Cap­i­tal, prices will sta­bilise in NCR, says Ashutosh Li­maye, na­tional direc­tor – re­search, JLL In­dia.

But some sec­tors in Gur­gaon close to Delhi, es­pe­cially in Dwarka Ex­press­way, may face a chal­lenge once hous­ing stock starts to come up in Delhi’s new zones.

Also the bench­mark price for th­ese prop­er­ties is based on pre­vail­ing prices in Dwarka. This may pose a big chal­lenge in the mid term, es­pe­cially when prod­ucts in Delhi start sell­ing for ₹ 5,000 per sq ft. To­day, many projects along Dwarka Ex­press­way are go­ing for over ₹ 10,000 per sq ft. If six years later, projects in Delhi sell for ₹ 10,000 per sq ft, the price ap­pre­ci­a­tion po­ten­tial of projects lo­cated in Dwarka Ex­press­way near the Delhi border may get stunted, says Anckur Sri­vast­tava of GenReal Ad­vis­ers.

This will, how­ever, not lead to re­verse mi­gra­tion. Peo­ple work­ing and re­sid­ing in NCR will not au­to­mat­i­cally shift to Delhi. Nei­ther will IT of­fices and other cor­po­rates. The de­mand fac­tors will con­tinue to re­main the same but prices will sta­bilise.

An­other grad­ual im­pact will be that de­vel­op­ers ac­tive in NCR Mas­ter Plan Delhi 2021 was no­ti­fied in Fe­bru­ary 2007 and was to be re­viewed within five years, keep­ing in view the changes dur­ing that pe­riod. The midterm re­view started in 2011. The op­er­a­tional guide­lines have been no­ti­fied only in 2015. The doc­u­ment was put in place to take care of the growth and the

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