Although the country’s northern real estate markets are fast developing, the entire NCR’s (National Capital Region) realty sector is plagued with several problems. Oversupply of realty spaces, delays in delivery of projects, proposed infrastructure projects that never saw the light of day and many more factors have made the market unsuitable for many home buyers. Here are a few regions that are best avoided when it comes to making realty investments in NCR.
A general piece of advice that a home buyer is given while investing in a property here is to be prepared for the delays. Gurgaon’s market is flooded with many small and medium developers who do not abide by their deadlines for projects. Most of the housing schemes force home buyers to make bulk payments upfront. Buyers end up paying higher square feet rates for such projects.
The realty market of Gurgaon is not only overpriced but slow development of physical infrastructure too is pushing the sector into a zone where appreciation is minimum or rare.
But if you are an end user, there are many projects which offer ready to move in apartments in certain sectors of the city which will serve your needs.
While Faridabad has recently emerged as a residential hotspot, its newly developed neighbour is becoming infamous for being a region where home owners need to be extremely wary about properties. Buildings on land tracts which are under litigation and delivery delays have ensured the region remains one of the least favourite realty destinations amongst first time home buyers.
Despite its affordable offerings, the regions has not documented high ROI in the recent years. Its proximity to the capital via several arterial roads or the under construction metro project has not helped in reviving its realty sector. The newly built highway to Gurgaon has not helped turn the situation around.
The poor track record of developers along Faridabad and Greater Faridabad has pushed many property seekers to delay their home buying decision. If these issues were not enough to push home buyers away the delays and mix ups in allotted plots too has forced many to invest elsewhere.
L & J zones in Delhi
The changes done to the land pooling schemes have brought several peripheries like L and J under the scanner. Retail buyers and off shore investors should stay away from these so called ‘lucrative’ schemes. But if you are a buyer who wants to invest in farm houses then these regions are apt for you. The lack of basic civic amenities and physical infrastructure has turned these regions into investment options as they are not really end user friendly.
Land acquisition issues and an over supplied realty market are some of the issues that are plaguing this region. The delays in delivery of projects too has dissuaded several home buyers from investing in properties here. The disproportionate realty supply has pushed many home buyers to invest in other attractive regions like Ghaziabad. Despite having a good road network, the heavy traffic congestion is making this concrete jungle less appealing to buyers.
Nidhi C Thacker for IndiaProperty.com