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