The New Year 2016 seems to heralding an era of hope, revival and prosperity in the NCR real estate market. Coming over the doom and gloom surrounded over the real estate market of not only NCR but of all over the country, this new year is expected to usher a new hope for all the stakeholders on the back of economic revival and several major infrastructural development project launched in the NCR region. Besides, interest rate coming down and huge infrastructural development lined up, the NCR real estate sector is poised to scale new heights.
The current year has begun on a cheerful note due to the increased investor confidence and back of reforms activities. With the easing of FDI policy and the probable implementation of the Real Estate Bill and Smart Cities along with the introduction of real estate investment trust, the much-required transparency in the real estate sector will boost the confidence of the investors and will likely end the current year on a cheerful note.
Prime factors that have boosted the property market of NCR are discussed below:
Lowered Interest Rate
In order to boost the realty sector, the Reserve Bank of India has reduced interest rate by 50 basis points in two rounds. Though, banks are slow in transferring the benefits to customers, still few commercial banks have reduced the interest rates on the home loans, thereby giving a much required boost to the reality sector. Besides with several lucrative projects coming up in the NCR region, investors are really looking to seal the deals.
Easy Payment Plans
In order to entice the buyers and investors in their project, NCR real estate developers are coming up with some highly attractive payment plans. Construction-linked-plan and Subvention scheme are few such lucrative payment options that are giving opportunity to large number of people to fulfill the dream of owning a home in the NCR region. The option of paying only 10% or 20% of the property cost at the time of booking and no EMI till possession of the flat is attracting several mid-segment buyers.
Good infrastructural development planned by the government across the entire NCR region is definitely laying a strong foundation for the real estate sector. Noida Expressway, Yamuna Expressway, widening of NH-24 along with some other development work like Delhi-Mumbai Industrial Corridor, Export Promotion Zones, Kundli-Manesar-Palwal Expressway, Taj Economic Zone and Faridabad-Noida-Ghaziabad Corridor in addition with smart cities project will propel growth in NCR real estate sector.
Launch of more affordable units
In order to make flat and property accessible to all, real estate developers are coming up with more affordable units. The change has already started and many developers are launching economical projects of 1 BHK and 2 BHK apartments with fewer amenities, so that people with limited budget can also plan to buy a flat. Thus, instead of developing luxurious apartments and condominiums in posh localities of NCR, developers are planning to come with budget-friendly projects that will fulfill the dream of many more buyers and investors of NCR.
All the sub markets of NCR like Noida, Gurgaon, Ghaziabad and Greater Noida are expected to do better in real estate sector in the year 2016. Good public infrastructure, metro connectivity along with several other factors has propelled the growth of the NCR real estate.