MarkJomy
Jun 11, 2008, 07:46 PM
The development in the housing sector is mirroring the rapid economic growth. The residential segment is leading the growth trajectory of the real estate sector with 75-80% of the total demand from this segment. None other than metros reflect this trend better. The estimation is based on Knight Frank India Residential Market Review, takes a look at seven important urban centres of Delhi NCR, Mumbai, Pune, Kolkata, Hyderabad, Bangalore and Chennai for an overview that demonstrates great promise for residential real estate. Over the next three years, close to 530.5 million sq. ft. of residential space would be developed in Grade A and B+ category in these seven major locations translating to a supply of 200,000 units per year in the MIG and HIG sections. As such these metros, which are currently experiencing the boom, symbolize the shape of things to come in the residential real estate.
The real estate sector in Delhi NCR has experienced a period of unprecedented growth over the last three years which has given a tremendous hike to the Real Estate Developers in India (http://www.mirrealtors.com/). Rapid commercial development has led to a spillover of housing growth from Noida to Greater Noida, Gurgaon to Manesar, Bhiwadi and Ghaziabad to Meerut. Benefitting from Metro extensions, expressways, wider highways and release of land parcels, Delhi NCR promises to be formidable residential destination.
Because of home buyers’ higher ability to pay, apartments in high-rises are popular, as are row houses. These may account for 10% of the residential supply by 2009-10. By 2009-10, around 191.42 million sq. ft. of housing supply will be available in the NCR. Significantly, 58% of the total supply has already been booked.
The real estate sector in Delhi NCR has experienced a period of unprecedented growth over the last three years which has given a tremendous hike to the Real Estate Developers in India (http://www.mirrealtors.com/). Rapid commercial development has led to a spillover of housing growth from Noida to Greater Noida, Gurgaon to Manesar, Bhiwadi and Ghaziabad to Meerut. Benefitting from Metro extensions, expressways, wider highways and release of land parcels, Delhi NCR promises to be formidable residential destination.
Because of home buyers’ higher ability to pay, apartments in high-rises are popular, as are row houses. These may account for 10% of the residential supply by 2009-10. By 2009-10, around 191.42 million sq. ft. of housing supply will be available in the NCR. Significantly, 58% of the total supply has already been booked.