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National Capital Region (NCR) is today the epicentre of development in India. Spread over 33,578 sq km, this is the most ambitious development programme that the country is executing. Thanks to Commonwealth Games, the development work has got much needed fillip for implementing major infrastructure projects in much quicker pace.

The NCR area comprises of National Capital Territory of Delhi (NCT-Delhi); Haryana Sub-region comprising of eight districts—Faridabad, Gurgaon, Rohtak, Sonepat, Rewari, Jhajjar, Mewat and Panipat; Rajasthan Sub-region comprises of Alwar district; and Uttar Pradesh Sub-region comprising of five districts—Meerut, Ghaziabad, Gautam Buddha Nagar (includes Noida), Bulandshahr and Baghpat.

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The NCR Planning Board has already prepared a Regional Plan-2021 which aims to promote growth and balanced development of the whole region. This is among the very few planned cities that India is developing through building integrated townships, Special Economic Zones, hotels, residential buildings, hospitals, educational institutes besides all other necessary infrastructure.

All efforts are being made to improve internal connectivity of the region and also with the national capital, New Delhi, through roads, highways, flyovers and metro trains. Delhi Metro has recently expanded its network till Gurgaon by opening 14.47 km long Qutub Minar–Gurgaon Metro corridor. Noida is already part of the Delhi Metro network. Also, there are plans to extend the metro network till Manesar, and connecting Noida with Ghaziabad.

“The recent development of Delhi-Gurgaon Metro link is a major step in boosting business activity in Gurgaon. Once taken to Manesar, the advantages will be incredible. Moreover, the government has planned many infrastructure projects for NCR. The international airport that has been proposed close to Greater Noida, will not only be a boom for tourism but also will be an asset for the residents,” says Aditya Bansal, Managing Director, ABW Group.

He says the proposed metro link between Noida and Ghaziabad, and the Taj Expressway connecting Noida to Agra, construction of expressways, Delhi-Mumbai Industrial Corridor and Dedicated Delhi-Mumbai Freight Corridor, development of SEZs, etc. are also expected to have significant impact on the region’s economy in days to come.

“With real estate developing at a rapid pace, the surrounding areas of NCR, Faridabad, Gurgaon, Manesar, Noida, Greater Noida, etc have emerged as one of the most sought after destinations for property investment. The areas have witnessed a rise in demand for both commercial and residential sector,” Bansal adds.

Ravi Saund, Head Business Development, CHD Developers Ltd, who has recently launched a 250-acre integrated township project in Karnal and another one in Gurgaon, says, “With the infrastructure improving because of Commonwealth Games and other reasons, the connectivity between Gurgaon and Delhi have improved as far as time taken is concerned. All these development works such as metro, flyovers and bridges coming in, both Noida and Gurgaon have started to crawl back out of the recession in a very fast pace.”

According to him, NCR is the front runner and is the best market to be in for investors. “There are demands for all the three segments—high end, mid and low-cost. But supply is comparatively more in the mid segment. The high end is picking up, but low cost housing is still crawling,” he adds.

Developers say Noida and Greater Noida among the all other cities of the region would see more developments. “NCR displays healthy development in terms of project developments and the infrastructure. While the Delhi government is working hard towards improving connectivity between Delhi and the neighbouring areas; the future of NCR, especially Noida seems bright.

The carefully crafted master plan and clear land titles by Noida Authority provide the best infrastructure to its residents at prices much lower than Delhi,” says Brijesh Bhanote, Sr VP Sales & Marketing, The 3C Company who is building a number of GREEN residential projects in Noida.

Charu Gupta, Sr Manager, BD Eros Group, says Noida Extension (Greater Noida) has managed to lure developers to explore the region because of the availability of larger land parcels at competitive rates. “Till 2011, Greater Noida is expected to witness a fresh supply of approximately 120,000 apartments, equating to 100 million sq ft of residential space. This is about 12% of the total supply planned across the NCR and half of the total expected supply will be accounted for by 3 bedroom apartments,” says Gupta whose company is coming up with 25 acres affordable housing projects in Noida Extension.

Harmit Chawla, VP, Marketing & Sales, Paras Buildtech India Pvt Ltd, adds: “Noida, Greater Noida and New Gurgaon are witnessing maximum activity in real estate. Noida and Greater Noida have upper hand as infrastructure is in good shape, which will further boost the projects coming up here.”

With India expected to see increase in tourist inflow which will create demand for more hotel rooms, many real estate developers are looking to cash in on the opportunity. Paramount Group of Companies, which is primarily into residential and commercial segment, has recently ventured into the hospitality sector in collaboration with the Clarks Group of Hotels to build a 4-star hotel at the Crossings Republik, Ghaziabad.

“The Commonwealth games is one which is been kept in mind while developing the infrastructure in and around Delhi particularly the hotels and at the same time the interest has been shown by tourist from over the world regarding tourism in India. The hotels would be viable even after the games as the properties which are coming are at par with international standards and shall be added in the gap which exists in the hospitality industry,” says Ashwani Prakash, Executive Director, Paramount Group of Companies.

Despite some apprehension about the viability of hotels projects post Commonwealth Games, Bhanote says, “Delhi being the National Capital receives millions of tourists and business travellers every year because of which there is an ever increasing demand for quality hotels. The demand is further fuelled because of the booming Indian economy. Therefore, in my opinion the feasibility of these projects is not solely dependent on the Commonwealth Games 2010.”