Rise of Satel­lite Cities

With Delhi get­ting out of reach, it’s time to in­vest in Gur­gaon, Noida and Farid­abad

India Today - - REAL ESTATE - by Jayant Sri­ram

Set over 5 mil­lion sq ft in the heart of Noida, Su­pertech de­vel­op­ers de­scribe their Su­per­nova pro­ject as an “ur­ban oasis” of un­par­al­leled lux­ury. The mini city prom­ises ser­viced suites, wa­ter­front lo­ca­tions, lux­ury shop­ping malls, sky gar­dens, and even branded houses. An en­tire tower in the pro­ject will be de­signed by Ital­ian de­signer Ar­mani/ Casa and flats in it will sell for about Rs 10 crore each.

Projects such as Su­per­nova, and the nearby Jaypee Wish Town, which has apart­ment com­plexes set around a lush, cus­tom- made golf course, per­haps best re­flect the fact that the hous­ing busi­ness in the NCR re­gion has changed dra­mat­i­cally. Noida may have once been con­sid­ered a hub of af­ford­able hous­ing but those projects have now been pushed to far- off pe­riph­eries. Projects such as Wave In­frat­ech’s City Cen­tre, where lux­ury suites are a walk away from high- end cor­po­rate suites, are also in vogue.

The rush for lux­ury hous­ing and high- end ser­vice apart­ments has con­sumed even ar­eas like Su­ra­jkund in Farid­abad, once con­sid­ered too dis­tant to be an al­ter­na­tive res­i­den­tial des­ti­na­tion to south Delhi. Ac­cord­ing to those in the build­ing in­dus­try, this is partly due to the ever in­creas­ing de­mand for a “western life­style”.

“In­creas­ing rate of high- net­worth in­di­vid­u­als ( HNIs), rapid ur­ban­i­sa­tion and spurt in NRI/ PIO com­mu­nity has ac­cel­er­ated the de­mand for lux­ury hous­ing. The fall in ru­pee has only made prop­erty cheaper for NRIs look­ing to in­vest in In­dia. Rise in de­mand for lux­ury hous­ing is mainly guided by the lo­ca­tion of the pro­ject and the fa­cil­i­ties on of­fer. The trend in lux­ury hous­ing is wit­ness­ing an up­ward tra­jec­tory. “The up­per- mid­dle class is be­gin­ning to grad­u­ate to lux­ury liv­ing in Western- styled homes with ul­tra- mod­ern fa­cil­i­ties,” says Mo­hit Goel, CEO of Omaxe Limited. Real- es­tate gi­ant DLF still leads the way in this as­pi­ra­tional seg­ment. Ac­cord­ing to a 2012 sur­vey con­ducted by the realestate con­sul­tancy firm Cush­man and Wake­field, the NCR re­gion is ex­pected to wit­ness the high­est de­mand for houses in the coun­try at 381,000 units dur­ing the next four years. While mi­dand low- seg­ment apart­ments will, as al­ways, be the most sought af­ter, the study says that Gur­gaon will con­tinue to see a sig­nif­i­cant rise in new lux­ury hous­ing projects.

Gur­gaon still holds the trump card when it comes to prox­im­ity to new cor­po­rate of­fices and state- of- the- art malls, fac­tors that have con­trib­uted to push­ing prices sky high. Ac­cord­ing to a real- es­tate firm, some properties in Gur­gaon now sell for up to Rs 30,000 per sq ft while high- end projects in other ar­eas sell for about Rs 14,000 per sq ft.

The price rise in Gur­gaon has forced many but the rich­est Del­hites to con­sider Noida and Farid­abad for more af­ford­able pre­mium hous­ing. But as de­vel­op­ment in this sec­tor as well as de­mand con­tinue to grow, it may not be long be­fore the Gur­gaon pat­tern is re­peated.

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