The real estate in Delhi has always been the most lucrative in India for both national and foreign investors. All the parts of Delhi- South, North, West, East and Central- are witnessing noteworthy developments that are expected to soon fuel up the prices. It is so popular as a realty destination that people are ready to buy property wherever it is available across the city. Delhi realty is immensely famous amongst buyers and investors as it promises highly rewarding returns in the coming years.
Delhi is not only a political and economic capital of the fastest developing country, India but is also a world famous property hub today. Its future seems bright particularly after the successful conduct of Commonwealth Games that brought much international fame and applaud to the city. Already during the developments carried out to support the Games, the prices of real estate in Delhi began skyrocketing. Along with other prevalent factors like shortage of property supply and large scale influx of migrants, construction activities for Games added to the escalating land rates. Various new projects were launched in East Delhi, the neighboring industrial cities of Noida and Ghaziabad both located in Uttar Pradesh. This boosted the property market of the city in a major way since East Delhi has always been considered as a resettlement colony for lower middle class. Similarly, Ghaziabad, a kin to Noida is following in its footsteps by welcoming large scale residential and commercial property developments. As a result, real estate in Delhi and its surrounding cities of Ghaziabad and Noida is progressing at a swift pace.
The developments for Commonwealth Games in Delhi included large scale construction of both buildings and infrastructure. Residential projects galore could be seen with builders coming up with bread and breakfast schemes, service apartments, rented flats, hostel accommodation, etc. These were earlier built to accommodate the great amount of visitors expected to break in the city but are now useful to meet the housing shortage for locals. Another boost to Delhi real estate came in the form of its improved infrastructure in terms of connectivity and other facilities. Delhi Metro, the new face of traveling extended its boundaries remarkably taking commuters to Gurgaon and Noida. Many flyovers, underpass, bridges, etc. were also built to ensure smooth flow of traffic as congestion on roads keeps increasing everyday. Just as property prices of areas increased with easier Metro accessibility, other constructions have also hiked the prices considerably. Some of the areas most benefited by these developments are Mayur Vihar, Laxmi Nagar, Akshardham and others in East Delhi along with those in Noida and Faridabad.
Besides the capital values, rental property in Delhi has also gone for an upward trend. Even with rentals soaring high, there is an acute shortage of rented housing property in the city due to which number of hostels, PG accommodation, rented flats, bed and breakfast schemes, etc. have come up. Renting serves the need of those who can’t buy such expensive houses as well as of those looking for extra income through investment. It becomes a regular source of income for many while providing homes to those incapable of buying the entire house. Therefore, one can easily say that Commonwealth Games have encouraged real estate in Delhi to a great extent. Such growth may have not happened if not for this international event and this is why it is counted among the major boosters for realty growth in the country capital and NCR (National Capital Region).
Delhi real estate has a contemporary swanky look which makes it a supreme property buying and investing option.
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