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DELHI NCR PROPERTY CAPSULE 2020 NCR YOY CAPITAL PRICE MOVEMENT IN POPULAR LOCALITIES OF DELHI NCR

Delhi NCR’s residential market hit the GROWTH INDUCERS GROWTH IMPEDIMENTS 6% boulder with the COVID-19 outbreak • In a year marred by COVID-19, infrastructure • The Delhi- Rapid Rail Transit System in March 2020. The resultant lockdown development in Delhi NCR prevented the real (RRTS) project was highly delayed as about 3% 3% led to an almost 80 percent dip in both estate market from completely succumbing. The 70 acres of land required for construction of 2% housing sales and new project launches, under-construction Dadri-Chhalera elevated Dharuhera depot remained under litigation. YoY. While the conversions stood at road, four underpasses near Zero Point on 0% 0% Sector-137, Sector-56, Gurgaon DLF City Phase II Sector-57, Gurgaon • The hike in land rates marred the investment around 5,500 units, new launches and the expeditious sentiment in . While the increase numbered around 1,400 units in H1 development of Airport kept realty in Zone A and Zone B was about 40 percent and -2% 2020. Average property rates remained sentiment soaring high for these emerging Vasant Kunj

30 percent, respectively, Zone C witnessed a Mayur Vihar - I -3%

unchanged. However, a widened areas. Additionally, the proposed 300-acres Sector-77, Noida Sector-150, Noida

hike of around 10 percent. Crossings Republik -4% Raj Nagar Extension negotiation window translated to an Furniture Park and a 1,000-acre Film City -5% average six percent slump, YoY, across along the Yamuna Expressway coupled with • The 2-5 percent hike in property tax in South budget categories in the resale market. the Noida Authority’s Industrial Plot Scheme Delhi relegated the homebuying sentiment. The that targets massive industrial expansion proposed increase in circle rates in Gurgaon Nevertheless, with the Centre announcing are expected to usher substantial residential also received flaks from potential buyers along “Force Majeure” by invoking Section 6 growth on the back of close to 9,000 new job Golf Course Road, Sohna Road, MG Road and under RERA and the State governments Delhi-Gurgaon Expressway. YOY RENTAL PRICE MOVEMENT IN POPULAR opportunities in the region. LOCALITIES OF DELHI NCR extending the project registration validity • Amid the COVID-19 outbreak, the commercial by six months, developers breathed • The expanding Metro network from Shiv Vihar market in Delhi NCR faced a significant setback a sigh of relief. Gradual resumption to Mandola, Vaishali to Mohan Nagar and as many lessees adopted a cautious approach. of construction activities and the Sector 62 to Sahibabad are expected to bode Gross office space absorption fell by 27 percent, 6% announcement of a slew of infrastructure well for the housing markets of impacted regions in both and Noida. The YoY, to 3.2 million sq ft in H1 2020. Across 4% 4% projects, including the expansion of 3% markets, Noida grabbed the maximum leased 2% metro in Greater Noida improved in-principle approval to Delhi-Dehradun Expressway and the extension of Delhi-Panipat share of around 56 percent. housing sentiment. Sector-10, Dwarka 0% 0% DLF City Phase III Sector-45, Gurgaon RRTS Corridor to Karnal are also viewed as Resultantly, by the end of Q3 2020, Delhi

potential game-changers. Saket NCR comprised nearly 22 percent of the • The approval of 5,000 units under the DDA -3% total housing sales recorded across metro Vasant Kunj housing scheme, 30 percent cut in CWG flat -5% Sector-78, Noida Sector-120, Noida cities. Dwarka Expressway, Golf Course Sector-137, Noida -6% Sector-83, Gurgaon

rates, proposal of two model sectors under the Raj Nagar Extension Road and New Gurgaon in Gurgaon Land Pooling Scheme and the DDA mulling remained popular among homebuyers, to unlock new land parcels for realty followed by localities alongside Noida- development, are also likely to fillip the Greater Noida Expressway, and those housing landscape in Delhi. in Greater Noida West and Ghaziabad. MARKET INDICATORS Ready homes priced within Rs 45-65 • Further, nearly 15 lakh residents in Delhi benefitted from over 2.8 lakh property lakh continued being in demand. Amid registrations in unauthorised colonies under Jan-Mar 2020 Apr-Jun 2020 Jul-Sep 2020 Oct-Dec 2020 Jan-Mar 2021* gradually improving offtake of residential the Pradhan Mantri Unauthorised Colonies in units and reduced number of Awas Adhikar Yojana (PM-UDAY). Capital Values launches, the unsold residential stock Rental Values** shrunk to 1.18 lakh units, however, the age of the inventory increased from 19.5 Residential Inventory in H1 2019 to 21.9 in H1 2020. * Projected price movement and inventory status **Rental values depict annual change in average asks for respective quarters COVID-19 & IN NEWS JUN

UP government REAL ESTATE lowers interest rates on payment of land dues amid Impact on homebuyers MAY COVID-19 crisis The nationwide lockdown and the resultant Haryana RERA extends economic instability washed out housing project registration demand in H1 2020. The sentiment, validity by six months however, improved gradually post July this year. The unchanged repo rate, lower risk weightage on home loans, and 2-3 percent stamp duty reduction in States such as Karnataka and Maharashtra helped improve home enquiries. Homebuyers remained JAN cautious, and their continued affinity for Gurgaon administration ready homes served as the testimony. proposes a hike in APR Tenants, too, uplifted demand in the low- circle rates Construction gets stalled cost and mid-income housing segment. The amid the COVID-19 crisis pandemic altered customer preferences and peripheries offering bigger residential units at relatively lower ‘asks’ garnered traction JUL as most people worked from homes. Ready homes priced within Rs 45-65 lakh remained Work on Janakpuri the most popular. West-RK Ashram Marg Metro corridor begins MAR Impact on Industry FEB Land rates hiked in Banned construction activities, closed Greater Noida by HC bans construction activities 40 percent site visits and a sizeable number of deal in Aravali range; Government cancellations post the COVID-19 outbreak approves Rs 2,000 crore for left developers in dire straits and stifled the realty graph between March and June 2020. The market started recovering only in DEC H2 2020. Developers leveraged regulatory SDMC hikes property relief under RERA and the loan moratorium. tax for residential However, new launches remained at a properties by 2-5 AUG backburner as the prime focus was majorly percent on completing existing projects. This State approves augured well for unsold inventory across Gurgaon metro plan metros. Sales also improved moderately with serious buyers making purchases amid highly lucrative market conditions including home loan incentives. Digital transformation in real estate business emerged as a key trend and is likely to set the tone for gradual restoration in the near-term. NOV YEIDA proposes a Furniture Park on 300 acres in Sectors 28 and 29 OCT SEP State releases Rs 250 Environment Ministry crore to expedite stalled stalls work at six housing projects in construction sites CONTACT US Noida; 99acres in Delhi India’s No.1 Property Portal Email: [email protected] Circle rates remain unchanged in Gurgaon