Delhi being the very capital city of an overpopulated country such as India would obviously have high demand in case of its residential sector. Hence, owing to the problem of the capital getting clustered, way back in 1962, the Government was forced to create satellite cities for Delhi due to the growing population and shortage of land mass for industrialization. That’s when, the neighboring states like Haryana, Rajasthan and Uttar Pradesh came into consideration for developing the satellite cities like Gurgaon, Noida, Faridabad, and Ghaziabad – which together is called, the National Capital Region – NCR.
Delhi, the capital of ‘Pandavas’ and the present capital of the land with most ancient civilization, India, has a unique facet, that makes it the most attractive city of the country. This city of royal power is now a center of bureaucratic and corporate power, where political fortunes are made or marred and the dignity of the nation is written.
Since the inception of Delhi NCR, the infrastructure, connectivity, real estate, and opportunities have shot up, making way for surfeit of investments, especially in the real estate sector. India’s largest residential market, the national capital region has witnessed plenty of fluctuations over the years with exploration of real estate activities in all the satellite cities, especially Gurgaon and Noida. With a surge in the number of properties for both sale and rent, NCR is witnessing a gap in supply and demand. However, experts feel that the national capital region will stabilize, as the world is looking at this region as a hot spot for investment.
Ask any renter in Delhi-NCR and they’ll tell you that the rents are too damn high, especially in Delhi and Gurgaon. Sadly, they aren’t exaggerating. Buying a home in Delhi-NCR is not cheap. Renting particularly in expensive neighborhoods that are close to a city center, is not cheap either. Affordable housing in both the for-sale and rental markets has become incredibly scarce in desirable neighborhoods in urban centers. So what’s a renter to do?
Maybe it’s high time for Delhi-NCR to implement rent control measures such as done by global cities like New York and San Francisco.