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Delhi NCR Real Estate Report Jul-Sep 2020: Market Updates

170 Oct 28, 2020 Download Report
UP government grants a 6-month extension to complete projectsThe Uttar Pradesh government extended the project completion deadline for real estate developers operating in Noida, Greater Noida and Yamuna Expressway areas from June 30, 2021, to December 31, 2021. The move was taken in the backdrop of the ongoing COVID-19 crisis, which delayed project construction work during the nationwide lockdown. Haryana and Delhi had taken a similar stance in the month of May 2020.
State government announces Film City in NoidaThe latest announcement to create a 1,000 acre Film City in Sector 21, Greater Noida, along the Yamuna Expressway, is touted to propel investment prospects in the region. This has come as another game changer for Noida’s realty, after the upcoming Jewar International Airport project. The project is expected to propel the interest of NRI investors in the region in the long run.
Metro construction gains steamAfter a lull in Apr-Jun 2020, construction work resumed on the 29 km-long metro stretch between Janakpuri West and RK Ashram Marg under the fourth phase of Delhi Metro. The 82 km-long Ghaziabad-Meerut Rapid Rail Transit (RRTS) corridor also kick-started in the quarter.
Greater Noida authority expedites work on Ganga Water projectThe Greater Noida Industrial Development Authority (GNIDA) expedited work on the 85 cu Ganga water project, which was likely to be completed by September 2020. The project has now reached its final stage and the region will receive Ganga water supply soon.

COMMERCIAL REAL ESTATE OUTLOOK


  • Office space leasing stood at 0.2 million sq ft in Delhi NCR during Jul-Sep 2020. The continuity of the work-from-home concept led to reduced demand for office spaces.
  • The average leasing rate in H1 2020 stood at Rs 844 per sq ft per month, about eight percent lower than H1 2019.
  • Around 0.9 million sq ft of new office supply was added in the studied quarter across micromarkets of Golf Course Extension Road and NH-8 in Gurgaon and Noida-Greater Noida Expressway.
  • A few co-working giants reported occupancy levels coming down to 41 percent, as opposed to 78 percent in Feb 2020.
  • With around 23 million sq ft of strata office market, Delhi NCR stood second to Mumbai in the segment. About 54 percent of the projects are under-construction.

 

 

Disclaimer: The views expressed above are for informational purposes only based on industry reports and related news stories. 99acres does not guarantee the accuracy, completeness, or reliability of the information and shall not be held responsible for any action taken based on the published information.
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