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DELHI: The REAL Hotspot
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The Indian real estate sector plays a significant role in the country's economy. The real estate sector is second only to agriculture in terms of employment generation and contributes heavily towards the gross domestic product (GDP). Almost five per cent of the country's GDP is contributed to by the housing sector. With property boom spreading in all directions, real estate in India is touching new heights. However, the growth also depends on the policies adopted by the government to facilitate investments mainly in the economic and industrial sector. The new stand adopted by Indian government regarding foreign direct investment (FDI) policies has encouraged an increasing number of countries to invest in Indian Properties.
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DELHI is the real hotspot in the real estate industry. There is an incessant and ever-growing demand for properties of various types in the national capital of India. Delhi properties have been showing a consistent appreciation and value addition for several years, barring the recent recession.
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There is a great demand for both commercial properties and residential properties in Delhi real estate due to presence of multinational companies, corporate houses, media houses, IT, BPO, KPO and host of others. The real growth drivers of real state in Delhi are the working population.
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The primary reason for Delhi being the real estate hotspot is its significance being the national capital. Although buying residential property in Delhi has always been a good option for the people with families and kids because the city is host to a lot of reputed educational institutions ranging to any and every area of education. This academic significance draws students and others to this centre, directly and indirectly contribute to turn Delhi into a real estate hotspot.
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Delhi Real Estate Trend: The Demand Side Equation
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Real estate sector has witnessed slowdown in the last few months, globally. The Indian market has not been immune to the global meltdown.23% of the property seekers from Delhi/NCR were not looking for a property in any specific area and were willing to purchase a property anywhere in NCR. Demand in Central Delhi has declined the most (by 25%) while demand in Dwarka & Ghaziabad has appreciated the most (by 7%).
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In the residential market segment, Delhi has been known to have made the most astronomical transactions where properties sell for millions. This trend though most common in the posh localities of South Delhi is now moving towards earlier less significant places like Dwarka.
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According to a report, reasons like lower home loan rates; property price cuts, apartment downsizing, and a recovery in the job market are translating to a pick-up in demand for residential projects – as evidenced by an increase in property registration in major cities.
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Prices of luxury residential property in Delhi fell dramatically in early 2009. Demand is sharply down. Affordability is now one of the main drivers in the residential market. The factors like easy availability of home loans, rising income levels and global lifestyle that increase residential property demand in Delhi real estate. The realty developers are luring the customers with different alternatives of housing such as flats, apartments in Delhi, studio apartments, condominiums, villas and luxury homes as well depending on the different lifestyle of the buyers in Delhi property market.
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Over the last couple of months, several developers have launched properties across cities in the residential category, garnering a significant response from buyers. This has motivated builders to focus on the residential space, particularly on the affordable segment. Most developers are looking to enhance their execution capabilities in this space
In addition to this, Delhi is witnessing other infrastructural developments in the road and transport system with a six lane National Highway will be constructed to join New Delhi and other extension areas like Noida, Faridabad, Ghaziabad, and Gurgaon which also contributes in increasing the commercial property sale in Delhi, making it the centre of a conurbation of commercial spots.
The capital city and a cluster of satellite cities lying around it are collectively called the National Capital Region (NCR). The main satellite cities are Gurgaon, Noida, Ghaziabad and Faridabad. These satellite cities in themselves are industrial cities. Their close proximity to the national capital has all the more enhanced the commercial property of Delhi which in turn keeps the property value going up incessantly. Commercial boom has spelt over Delhi too similar to the NCRregions.These commercial projects are expected to come up with a total built up area of approximate 2.4 million sq ft including office space too giving both the options of sale and lease to the investors.
As New Delhi is going to be the part of 2010 common wealth games, it already acquired the fame for aspiring real estate destination fame.
For more information on Delhi real estate visit allsaledeals.com and allrentdeals.com for commercial office space for sale, residential property for sale, buy commercial properties, residential house sale.
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