As the real estate sector recovers from the consequences of the Covid-19 lockdowns, approximately 18,000 residential and commercial units are expected to be delivered within the National Capital Region this year. While the lockdowns caused realtors to halt building owing to a scarcity of labourers, the gradual unlock has given the industry much-needed respite.
Many workers who had fled to their hometowns during the lockdowns have returned, and work has resumed. Gaursons Group, one of Noida's real estate behemoths, is expected to provide around 5,000 residential and commercial units.
“The second wave of Covid-19 disrupted building plans once further by affecting input material supply networks. Because of the digital disruption accelerated by the recession, the industry was able to navigate through this phase. Overall, the market recovery and the completion of housing projects look to be postponed for at least another two quarters. Government assistance in the form of low-cost loans, on the other hand, is likely to go a long way toward assisting the industry,” said Manoj Gaur, CMG, Gaursons India Limited and Vice President (North) Confederation of Real Estate Developers of India (CREDAI) National.
Greater Noida West and Greater Noida have the most residential units. Thousands of residential and commercial apartments are expected to be delivered this year in Gurugram, where high-rise development is steadily gaining momentum. Raheja Developers, one of the most well-known realtors in the NCR, promises to be able to produce 8,400 apartments in the years 2021-22.
“Now it's up to developers and the government to work together to keep the momentum going. The government has taken several steps, but more must be done to guarantee that the real estate sector is not harmed. The most important issue is liquidity, which requires immediate attention. Furthermore, delays from authorities must be avoided to ensure speedier project completion,” said Nayan Raheja, Raheja Developers.
With hundreds of units set to be delivered in the next year, Noida Extension, also known as Greater Noida West, has emerged as the city's most exciting real estate market. Over 1,464 apartments have been delivered to homeowners in the previous two months, according to Dhiraj Jain, director of Mahagun Group.
“By providing high-quality projects, we have constantly met or surpassed the purchasers' expectations. He said, "We've always been the industry leader in generating real estate solutions, with a dedication to providing thriving communities,” he said.
Sikka Group claims to have acquired occupation certificates for over 1,500 apartments in various projects, while Migsun claims to have received completion certificates for over 672 units. In the next few days, the Gulshan Group will offer ownership of 1,888 apartments.
Source: India Today