Stepping up to its challenges
The Delhi NCR Realty market has lots of challenges to deal with and lots of potential as well to tackle these challenges and come out as the winner as per Parveen Jain, Chairman & Managing Director, Tulip Infratech Pvt Ltd.
The biggest challenge facing the Delhi NCR realty market is the influx of the millions pouring in from other states in search of jobs and looking to inhabit Delhi NCR permanently.Delhi NCR’s major office business, residential hubs and important locations have already reached their saturation points and to cope up with the rising masses, new avenues have to be created for housing, roads and transport systems and upgrading the requisite infrastructure.
The panacea to all ills shall be achieved if we overcome the greatest challenge of providing Affordable housing in Delhi NCR The potential lies in identifying the unexplored territories of NCR and how mass housing, supporting infrastructure and requisite amenities can be provided in these zones.
The ‘Infrastructure status’ to the affordable housing sector brings a lot of associated advantages and the private sector’s interest has rekindled in affordable housing as the demand for affordable housing is increasing manifold every year. However, the high cost of land is the deterrent in constructing low cost housing. The PPP (Public Private Partnership) model wherein the land is provided by the government for affordable housing is the right solution in the direction of minimizing land, financial and capital investments risks.
The most important challenge for any area development to take place is the provision of requisite infrastructure in terms of easy accessibility via congestion free road & metro network, proper drainage and sewerage system, water supply system, electricity, proper garbage disposal system, provision of pollution free green environment, landscaping etc. Delhi NCR is facing tough challenges regarding these matters but has great potential to smoothly transform obstacles in these into great opportunities to showcase these cities as world class smart cities.
The construction of KMP ( Kundli Manesar Palwal) expressway has been going on for years but has still not been completed due to many obstacles and bottlenecks. Contrastingly, the Southern Peripheral Road (SPR) is on the verge of completion and the areas around the SPR have become hot spot because of its important route as it intersects Sohna road at Badshapur coming from Faridabad Gurgaon road, Golf course extension road, meets NH-8 and then merges with Northern peripheral road or Dwarka expressway.
Southern Peripheral road coupled with the Northern peripheral road shall act like a ring road on the outer periphery of Gurgaon easing out the prevailing traffic snarls in the city. Golf course road itself is one of the most important roads of Gurgaon as the most prestigious office, commercial and residential spaces lie on both sides of the Golf course road.
Now, further developments of the office, commercial and residential areas of the most important brand values are taking place along the Golf course extension road or Southern peripheral road as it is known now. The surrounding areas in the vicinity of the whole Southern Peripheral road in Gurgaon have become the major hub for buyers and investors.
The metro rail network connecting Delhi, Gurgaon, Faridabad, Noida is getting further expanded. The major arterial roads like KMP ( Kundli Manesar Palwal) expressway, Northern & Southern peripheral roads, national highways, expansion of metro network too is going to give a boost to the real-estate around these areas.
RERA & GST impact
The Real Estate Regulatory Act (RERA has taken into consideration the various issues and problems prevailing in the real-estate sector and has addressed them diligently bringing in more transparency and fairness in the deals and procedures.The basic concept of GST is that it is one consolidated tax which is levied and about which the buyers have a clear idea regarding its amount. Earlier in the multi taxation system, different taxes were being levied at different stages and at different time periods. So GST has brought in more transparency and awareness for the buyers regarding the total price beforehand but the ground reality is that there are some problems also being faced regarding this by the various stakeholders which should be looked into and sorted out.
In spite of the challenges, major or minor being faced by the Delhi NCR realty market, it has full potential to tackle these challenges if these are analysed conscientiously and sorted out with a target of set time-frame.