The Delhi National Capital Region (NCR) has been tipped in a Knight Frank report to become the largest residential property market in India in 2009-10.
Mumbai which has traditionally been more appealing due to its financial services accounts for 16% of residential market share lags heavily behind the NCR and its 35% residential market share study. Knight Frank expects this trend to continue in 2009-10 and says the Delhi National Capital Region has now emerged as the biggest residential market for a variety of reasons. Many companies are setting up their headquarters and office rentals in the Delhi NCR, infrastructure is improving, industry is booming and hence urbanisation is increasing demand for housing in Delhi.
Indian industry experts are reporting the Delhi NCR region will be much more resilient in the downturn compared to other Indian property markets. Many of the heavyweight developers are now investing heavily on the NCR property to get them out of trouble. One of the key reasons for the NCR’s resilience is a shift from investor to end-user demand which is expected to continue according to Knight Frank.
Tags: Delhi, Delhi property, Indian office rentals, Knight Frank, National Capital Region (NCR), NCR property
February 23rd, 2009 at 11:32 pm
India is doing better than most places and Delhi will always do well, I think middle to low end is where will do best for now as locals need a place to live so rents will always be easily had
February 25th, 2009 at 11:57 am
No sympathy for big Indian developers they had it good for long time and no doubt will do again after this crisis. Delhi property will always do well as not enough houses to go around but developers built to many very expensive ones which where 100’s and 100’s of lakhs. I think Delhi properties under 50 lakhs are affordable and can be resold in a few years time.
March 3rd, 2009 at 1:08 am
Comparatively low prices of the land and relaxed estate development formalities are the main reason for the growth NCR estate sector. People of this area were not having some many options and now after completion of express ways and bypasses has further reduces distance between the main NCR cities and Delhi. I think it is safe to invest with renown developers.