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Delhi NCR Real Estate Report Oct-Dec 2020: Market Updates

149 Jan 21, 2021 Download Report
Infrastructure projects to usher realty growthThe Yamuna Expressway Industrial Development Authority’s (YEIDA) plan to connect the upcoming Jewar International Airport to Delhi Aerocity and develop a Smart City and Furniture Park in Sector 28 and 29 along the expressway are set to increase employment opportunities, boost exports and fillip the realty landscape in the region.
Housing schemes to boost affordable supplyThe Department of Town and Country Planning (DTCP) mulling to unlock 3,000 acres of land in Gurgaon under the Haryana Affordable Housing Policy and the Delhi Government to develop around 90,000 low-cost flats by 2025 would augment the affordable residential supply in the city. Additionally, the anticipated launch of DDA housing scheme in January 2021 would also bode well for the market.
Environmental Ministry stalls work at six construction sitesAmid the rising pollution levels, the Delhi Environment Ministry stalled works at six construction sites and 11-ready-mix concrete plants. Besides, the entry of manufacturing units in the city’s new industrial areas has also been disallowed, barring the service-based and Hi-Tech industrial units.
No hike in ‘land allotment’ rates in NoidaNo change in the land allotment rates for the FY 2020-21 may help revive the aggrieved housing market in Noida. Currently, the residential land rates in Noida are around Rs 15,620 per sq meter. Besides, Greater Noida Industrial Development Authority’s plan to take over the stuck housing projects and allocate them to appropriate companies would ensure faster project deliveries and restore customers’ confidence in the market.

COMMERCIAL REAL ESTATE OUTLOOK


  • Office space leasing in Delhi NCR nearly doubled in Oct-Dec 2020 to 1.7 million sq ft. Among the popular leases, software giant, Microsoft leased 1.5 lakh sq ft of Grade A office space at KP Towers in Noida.
  • Workspace pods and virtual space leasing emerged as the new trends that helped small-scale investors foray in the commercial sector as the entry ticket size was relatively smaller than the residential market.
  • Average lease rates in NCR tumbled by nearly five percent, YoY. The lessee community leveraging the market scenario resorted to hefty negotiations, which led to the decline in prices.
  • Max Estate commenced the construction of Max Square with an investment of Rs 400 crore. The development will add seven million sq ft of retail and office space in Noida.
  • Along with Bangalore, Delhi NCR continued to lead the pack in flex spaces accounting for nearly 50 percent market share across metros.

 

 

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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