Three new inclusions to NCR viz Mahendragarh and Bhiwani in Haryana and Bharatpur in Rajasthan would not impact real estate sector negatively said the industry experts. This was in response to a query whether the step would bring down prices of the properties in Gurgaon. This brings the tally to 11 districts of Haryana in the NCR region out of twenty.
“People still have to throng past Manesar in Gurgaon. Residential market or even commercial real estate market response is very far sighted,” said Sunil Chutani, managing director Terra Realcon.
Chairman and managing director of Trehan Home Developers, Harsha Trehan echoed similar sentiments. “Lot of vacant land is still available in other parts of the NCR such as Noida, Greater Noida, Faridabad, Gurgaon, Manesar, Bhiwadi, Kundli, etc. The point is when end-user is not going to these far off places, why would he go to newer areas recently added to the NCR map.”
Trehan further clarified, “As of now people still have to move into these places. A lot of investors have invested in various areas of these regions but actual buyers have not come in. For example some of the newer areas in Gurgaon have a lot of investors and because of high price end user are not coming.”
Chutani said though people have this in their knowledge, it would still take some time for these areas to register in people’s mind. “This is evident from response to other areas closer to Delhi.”
Sunil Chutani however cautioned the buyers about certain developers’ intentions. “Some developers might try to lure the buyers/investors by highlighting the far off future prospects.”
Many experts believe that instead of making buyers confused about the prospects of new regions, the government should try to make the market of existing places more lucrative through various means.
Sumit Berry, managing director of BDI Group did not endorse the idea of addition of new districts. “I believe the government should first concentrate on present NCR areas. A lot of infrastructural development is needed in places such as Bhiwadi and Manesar. So I would have been happy if NCR Planning Board would have announced some development plans for the present regions.”
Sanjay Rastogi of Saviour Builders also emphasized on giving more importance to existing areas first and thereafter adding newer areas. “Existing area should get government support when it comes to job creation and infrastructural development to meet the intention then add new regions.”
Also, there are suggestions that Noida and Greater Noida market will witness a northward movement. “The areas in these two places are likely to witness hike between Rs 1000 and Rs 2500 per square feet. Amidst such circumstances, Yamuna Expressway area is the right place to invest as of now rates are cheaper, despite the fact that Yamuna Expressway is the future,” informed Amit Gupta director of Orris Group.
Gupta rubbished any thought of correction in prices happening in immediate future in Gurgaon Noida or any other NCR region. He also sees this as a move to ease out some pressure from the Delhi-NCR region