CWG would prove to be fruitful for NCR

Aditya Bansal, Managing Director, ABW Group speaks to Construction Week Online about the market scenario in NCR. Here are excerpts:

What are the major projects that you are implementing in the region?

We have recently launched ABW Aditya Niketan on NH-8 in Manesar. Spread over a massive 105 acres, this township is slated to reinvent the perception of reasonable housing for the residents. ABW Aditya Niketan, a self sufficient city will also comprise of world class infrastructure along with facilities like landscaped gardens, Children Park, Jogging track, medical facility within the township.

Which are the potential growth sectors in NCR? What lies in future for the region?

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.

The most preferred areas for residential properties in Noida property market are Sector 14, 15, 27, 28, 29 and 37 and prices for these properties have stabilized but some sectors has seen a drop in pricing. Noida flats range anywhere between Rs.2470 to 3150 per sq. ft in the above mentioned prime locations.

Residential properties are in great demand, as are commercial real estate. This industrial city has substantial commercial space coming up in Sectors 62 and 63. Even as conglomerates, Indian corporate houses scout for commercial properties, Noida is emerging as a preferred IT-ITeS destination of India.

Demand for villas and luxury housing in Noida is also soaring high in the city. In the immediate term, after a recent price cuts by developers, interest rate cuts by banks and improving sensex, a boom is expected in the heated property markets of the city resulting in acceleration of the prices up by 10-15 per cent. This will offer a great investment opportunity to investors to park in their money now and earn good returns in future.

What is the current scenario in NCR-region in regards to construction activities and project developments?

As the prices in Delhi are already high, service class people are left with no choice but to look for residential options in NCR. In Gurgaon, upcoming real estate projects have greenery, serenity, spaciousness as well as availability of modern facilities ranging from sprawling shopping malls and recreational centers to state of the art Hospitals.

One reason standing for the success of fast growth of these areas can be discussed from development viewpoint. Real estate investment in these cities offers a substantial room for growth unlike most parts of Delhi, that have already reached their peak levels, and perhaps that's why investors now prefer to park their monies in the emerging property market of NCR region.

Haryana Urban Development Authority’s (HUDA) new policy of improving city infrastructure and the need of a business center close to International Airport has once again opened new channels of investment in Gurgaon real estate. Most new projects announced in Gurgaon in the last two years have also been at the high end of the market.

Noida, the acronym for New Okhla Industrial Development Authority, has emerged as a planned, integrated, modern Industrial City that is well connected to Delhi through a network of roads, national highways and the ultra-modern DND flyover, offering inter-road linkages to different parts of North India.

Faridabad, enjoying the status of being industrial heart of Haryana, has grown enormously in the past few years, chiefly because of a large number of industries have come up in the town. Most crucial in Faridabad’s location is its proximity to the capital. Faridabad has been a subject of intense construction activities at least for the past five-years, and country's most prestigious real estate developers have launched their projects in the city quite ambitiously.

Ghaziabad is witnessing a huge real estate growth with the massive developmental changes happening within the city. Increase in economic activity and changing aspirations of the resident population has led to multi-fold growth of real estate in the city. The city is brimming with vast land which can be brought under the aegis of planned development. Ghaziabad has good connectivity with the neighbouring towns including Noida, Delhi and gateway to Uttar Pradesh.

Lots of projects have been announced to cash in on the Commonwealth Games. Do you think those projects (especially hotels) would remain viable even after the event got over?

We believe that the on-going infrastructure development in Delhi-NCR region because Commonwealth Games would prove to be very fruitful. These developments will not only help in creation of jobs, increased tourism revenues but will also create a 'world class city' -- a gleaming global metropolis which will be "clean, beautiful and vibrant”

I believe that the infrastructure growth such as, development of roads, flyovers, airports and underground train stations was much awaited and the Games just acted as a catalyst and brought forward some of the development. Apart from filling the housing demand gap during the Games, Hotels will provide NCR habitants those luxuries that they are after.

What are the other major big infra projects are to implemented in the region in coming 2-3 years which will have positive impact on the region?

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 Govt has planned many infrastructure projects for NCR. The International Airport that has been proposed close to Greater Noida, which will not only be a boom for tourism but will also be an asset for the residents. 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 Freight Corridor, development of SEZs, etc. are also expected to have significant impact on economy of NCR.