Booming Realty Markets In Delhi NCR: Bhiwadi, Faridabad & Ghaziabad
The National Capital Region of Delhi, also known as Delhi NCR, has been expanding at a fast pace over the past few decades, thanks to the ever-increasing population. Thousands of people migrate to the capital every year looking for better opportunities, and, hence, demand for residential homes naturally increases. In recent years, NCR satellite cities like Noida and Ghaziabad have become as important as Delhi itself, as a number of reputed companies have set up offices here. Infrastructure in these areas was planned to accommodate the demands of their expanding populace. If we look at the geographical expanse of the region along with its population of over 45 million, Delhi NCR stands right next to the New York City, among urban cities of the world. No wonder that the NCR Planning Board has made plans for expanding the NCR region to include other neighbouring states.
Four sub-regions of Delhi NCR
Delhi NCR is divided into four sub-constituents: 1. Delhi Sub-Region (aka Delhi NCT) ; 2. Haryana Sub-Region; 3. Rajasthan Sub-Region; and 4. Uttar Pradesh Sub-Region. Noida and Gurgaon, which fall under UP and Haryana sub-regions, saw their fortunes grow as the NCR was developed. They now stand shoulder to shoulder with New Delhi. As the population continues to rise, development is now extending to three other sub regions, particularly Bhiwadi, Faridabad and Ghaziabad.
Bhiwadi (Rajasthan)
Bhiwadi is a town in the district Alwar in Rajasthan. Bhiwadi used to be a sleepy town till a few years ago, with tourism to Alwar being its primary highlight. Now, Bhiwadi is fast emerging as a hotspot in Alwar, as it is being developed as an industrial and real estate hub. Development has begun with many SEZs by the Rajasthan State Industrial Development and Investment Corporation Ltd. (RIICO) and Delhi-Mumbai Industrial Corridor (DMIC) project coming up in and around Bhiwadi. An airport has been proposed in the neighbouring region of Neemrana, and this is expected to increase the rates of Property in Bhiwadi. At present, the property prices are somewhere between Rs. 18 lakh and Rs. 50 lakh, which are affordable compared to the rest of Delhi NCR. Right now, Bhiwadi is perceived as a cheaper option of living compared to the more developed Gurgaon region. This is going to change soon, as Bhiwadi is being developed on a war footing. Industries such as steel, furnace, electronics, engineering, pharmaceuticals, printing, rolling mills, textiles, food processing, among others, are being set up in Bhiwadi. The property rates are bound to increase in the near future. It is a good time now to invest in Bhiwadi projects if you want good returns on investment.
Faridabad (Haryana)
Faridabad is one of the largest cities in Haryana and has always been a vital part in development plans for Delhi NCR due to its close proximity to the capital. In fact, ever since it became a part of Delhi NCR, Faridabad real estate projects has become even more important, owing to builders like MGH group. Since Gurgaon and Noida became better developed cities of Delhi NCR quickly, Faridabad's aspirations to become a model city seemed to be failing, mostly because of poor connectivity. The Gurgaon-Faridabad Expressway, Mathura Road, expansion of Delhi's Metro Rail services, and beginning of the construction of Faridabad-Noida-Ghaziabad Expressway have changed all that. Upcoming flats for sale in Faridabad real estate market are set to get costlier now, as the infrastructure is getting much better than it was two years ago. Faridabad is still an affordable option to own a home in Delhi NCR.
Ghaziabad (Uttar Pradesh)
Ghaziabad is a major railway junction of North India and is a part of the Delhi NCR. Investing in property in Ghaziabad has always been profitable. And, infrastructure planning and development under the NCR Planning Board has made Ghaziabad real estate even costlier. It is well connected to Delhi through the Metro Rail services and buses. Prices of property are cheaper compared to other regions of Delhi NCR, and there is a huge demand for affordable flats in Ghaziabad. It is home to the campuses of some of the best institutions for higher education in India. With IT companies and other industries opening up centres in Ghaziabad, it is all set to witness a massive boom in the real estate market.