For years, the Delhi-NCR Real Estate Market, particularly the Noida-Greater Noida micro-markets, had languished. However, it has recently regained its vigor, thanks to the growing optimism among Homebuyers post-Covid-19.
Ashish Kapoor’s quest for a home has lasted over a decade since he booked an apartment in a Jaypee Infratech project in Noida. Despite his journey from South Delhi to a rented apartment in Gurugram and witnessing his son’s growth, one thing remained constant – the desire for his own home. Kapoor is not alone in this predicament; thousands share his experience.
The root of this problem can be traced back to the 32,700 residential units booked between 2007 and 2011 under various Jaypee Infratech Ltd (JIL) projects. Shockingly, over 20,000 of these units still remain undelivered a decade later. The interim resolution professional’s report to the Supreme Court reveals that the Jaypee Group collected a staggering Rs 13,364 crore from homebuyers in booking amounts and advance payments before going into insolvency in September 2017. JIL is not the only offender, as there are similar cases, such as the Amrapali Group, facing legal actions for deceiving homebuyers.
The years between 2011 and 2015 paint a bleak picture of real estate companies duping homebuyers, eroding trust in the once-booming market. This led to subdued demand, Few new launches, and stagnant property values in the Delhi-National Capital Region (Delhi-NCR). But the tides have turned. The Residential real estate market in Delhi-NCR, particularly in the micro-markets of Noida-Greater Noida, is on the upswing, with data from property consultants Knight Frank India showing sales and new launches reaching pre-2015 levels as the effects of the pandemic wane.
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Conclusion
In conclusion, the revival of the Delhi-NCR real estate market is an encouraging sign for both homebuyers and developers. While challenges from the past still linger, the sector is moving forward cautiously. The future looks promising, driven by stable policies, infrastructure development, and adaptability. With ongoing large-scale infrastructure projects and increasing demand for homes, Delhi-NCR’s real estate market is poised for a renaissance.