Population Growth in Delhi and NCR
Delhi and National Capital Region (NCR) is an attractive destination for people seeking employment, education, and better living conditions, among other factors. Experts predict that by the year 2031, the population in NCR will be approximately 89 million. Let’s not forget either that the population projection for the NCR was expected to stand at about 71 million or so by 2021 with approximately 20 million of that population being in Delhi.
Gurgaon in the Last Two-Decade Growth Spurt in the Real Estate Market in NCR
Gurgaon has become the fastest growing city with over 40 lakhs population projected by 2031. It has become a hot global investment center and property buyers are flocking to it in the last two decades and more. This population projection will definitely increase the housing demand in the NCR as the infrastructure development is very rapid in Gurgaon.
How Infrastructure Development Affects Real Estate
The upward infrastructure development trend has been the major incentive for investors globally interested in the NCR in so far as it has enabled industrial growth and positively impacted the real estate market through provision of enhanced job opportunities. It is common knowledge that the growing roads traffic congestion in NCR is a great challenge to the central government and state authorities, and indeed, to every ordinary citizen.
Strategic Interventions to Achieve the Overall Connectivity
To this greater aim, the NCR Planning Board was established so that it can deal with infrastructure development in the region as well as better urban outlay through creation of road, rail, and metro networks to simplify planning. Because of the proximity of Gurgaon to the international airport, this whole area remains the target area for any investor and property buyer. This explains the amazing property or land appreciation trends which the region has experienced over the years. Purchasing real estate in Gurgaon is regarded as one of the business proposals since the value of real estate increases two-fold within three years or even less.
Core Principles Contributing to the Growth of the Property Market
The core KMP, DMIC, Dwarka Expressway, growth of Maruti, FlipKart, proposal for Jungle Safari, proposal for Global City and other employment generating centers are factors contributing to rapid population growth and house price growth. With a global airport in its vicinity, the city is fortunate to have over 250 Fortune 500 firms and is known as the reclamation center of IT, automobile, and garment industry, making it the Indian city with the most job opportunities. Gurgaon’s Real Estate is recognized worldwide and has a large investor base.
Upcoming Projects to Reduce Traffic Pressure
In this regard, it is therefore not surprising to read in the news that the Roads, Highways, and Transport Ministry of India is interested in constructing a two layer elevated corridor from Dhaula Kuan to Manesar as these are the steps required to reduce the congestion of travel for long distance as well as local trips. For effective transactions in business, it is fundamental that traffic is clean and uncomplicated.
Future Demand for Residential Units
Owing to this, it is anticipated that an upsurge in the demand for residential units will follow, leading Real estate promoters to commence the construction of projects within the NCR in the year 2024. Signature Global has over the last decade offered housing units to a considerable portion of the increasing population in an environmentally and budget friendly manner. The ongoing change in Gurgaon’s urban structure gives it the perfect combination for home seekers and investors.
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