Property in the National Capital Region (NCR) is
always sought after despite the high real estate prices. Still buyers
flock to NCR areas like Gurgaon, Noida, Faridabad, Ghaziabad because
land is available there. As per an estimate, real estate prices in the
NCR region have risen by about 30-35% in the last quarter.
Sample
this, super-luxury apartments developed by Ambience Infrastructure Pvt
Ltd on Delhi-Jaipur expressway (that crosses the NCR) is available for
Rs 13,500- 14,750 per sq ft. These apartments have a super area of
7,672 sq ft. These apartments are the costliest property up for sale in
the NCR. Media reports suggest that despite this heavy price, many
buyers have shown their keen interest in the said property. This hints
that there is a huge demand for premium property in the NCR.
Ambience
Infrastructure had earlier built another premium residential project in
Gurgaon. This project, called The Magnolias, sold for about Rs 7,500
per sq ft. This project had 410 luxury residential apartments.
The
property boom in the NCR can be attributed to the ongoing commercial
developments in the region. This has been triggered by an increase in
the demand for office and residential property. Lack of space in Delhi
and huge capital and rental values there drives all the industry
players to seek land in the NCR. Hence, all prominent MNCs,
manufacturing units, BPOs, IT companies are all flocking to the NCR in
search of good office or retail space or industrial land.
However,
the rising cost of construction of the upcoming real estate projects
are bound to dampen the spirits of the property developers. Many real
estate developers are now hiring the services of foreign project
management consultancy companies for faster implementation of their
construction projects. Some of these foreign companies include
Australia's Sterling Construction System known for constructing an
entire floor in three days and large project management consultancy
companies like Leighton of Australia and Turner of the US. It seems
like there is no stopping for this construction boom.
