The National Capital Region (NCR) is witnessing the emergence of new realty micro-markets, fueled by robust infrastructure development and improved connectivity, say experts.
Traditionally Gurugram, Noida, Faridabad and Ghaziabad have been considered the main realty hotspots in NCR, but due to infrastructure upgrades many areas such as Sohna, Raj Nagar Extension, New Gurugram, Dwarka Expressway region, Yamuna Expressway region and Meerut are grabbing spotlight as booming realty hubs.
Experts say improved connectivity and new infra projects have encouraged rapid urbanisation in these areas resulting in a surge in new housing projects, retail centres, and business districts.
“This growth in these new micro-markets in Gurugram is driven by improved infrastructure and increased developer activity. Rates of properties, be it residential, commercial or industrial, have increased significantly in Dwarka Expressway, Sohna Road and New Gurugram micro-markets,” Dharmendra Rao, a real estate broker active in Gurugram and Sohna, told Moneycontrol.
Dwarka Expressway has seen a rise of 30 percent in the average price of new launches between July 2023 and July 2024 while the prices of properties located along the Gururam-Sohna elevated road and Sohna-Dausa part of the Delhi-Mumbai Expressway spiked by around 60 percent in the last three years, he added.
Housing boom
Citing a Cushman & Wakefield report, experts said that Delhi-NCR witnessed a new supply of 16,242 residential units in the first nine months of the calendar year 2024, a 121 percent jump compared to the same period in 2023. Gurugram witnessed around 88 percent of these new launches which were mainly concentrated along Sohna Road, Dwarka Expressway and New Gurugram.
Experts said sectors 82 to 85 along the Dwarka Expressway are gaining popularity as a premium alternative. Located near NH-8 and Dwarka Expressway, these areas provide easy access to Gurugram Cyber Hub, Golf Course Road and New Gurugram areas. Similarly, Sohna has seen a significant rise in residential supply post-pandemic, becoming the third-largest market in Gurugram after Dwarka Expressway and New Gurugram.
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Similarly, the Rajnagar Extension in Ghaziabad has been transformed into a self-sufficient area with affordable housing options. Its proximity to Delhi, wide road network and improved infrastructure such as the Regional Rapid Transit System (RRTS), or rapid rail connectivity with Delhi and Meerut, have made it increasingly popular among middle-income homebuyers looking for value for money and convenience.
Prices shoot up
Pankaj Kumar Jain, Director, KW Group said that the NCR market particularly the Ghaziabad region has grown significantly in the last few years, mainly due to rapid infrastructural development.
“The arrival of metro, development of expressway, rapid rail, international stadium and other big infrastructural projects has given a big push to new micro-markets such as Raj Nagar Extension and Greater Noida West. These areas have seen significant price appreciation in property prices,” he said.
Owing to the growing housing demand in Noida and Ghaziabad region, the Ghaziabad Development Authority is developing a new township “Harnandipuram” near Raj Nagar Extension on lines of Indirapuram.
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Jain said that the current average price in Raj Nagar Extension is about Rs 6,000-Rs 7,000 per square foot, an increase of about 80 percent in the last five years, which shows a huge demand for homes post Covid-19 pandemic.
Avneesh Sood, Director, Eros Group, said that the infrastructure development has sharply raised demand among property buyers in the NCR region's strategic proximity to the soon-to-be Noida International Airport, which is anticipated to greatly improve the region's real estate market.
Saurab Saharan, Group Managing Director, HCBS Developments, said that infrastructure upgrades have been a catalyst for NCR's real estate expansion, transforming the micro-markets into booming hubs.
“With improved connectivity across Sohna Road, Dwarka Expressway, and more, these areas are emerging as new realty destinations. No longer limited to traditional hotspots like Gurugram, the NCR is now seeing rapid growth in formerly overlooked regions. Robust infrastructure development is redefining the landscape, making these areas ideal for both homebuyers and investors seeking growth opportunities,” Saharan said.
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