Posted on 02/28/2019
With the highest per capita income, Delhi offers immense opportunities for individuals to prosper in the state. Delhi’s per capita is almost triple of the country’s, making it most sought after ‘job seeking’ destination. The big statistical boost has made Delhi number 1 destination for migrants from all parts of the country. The rising population triggered the growth eruption of NCR evolving it as top spot for real estate investment. Due to this tangential development, areas such as Gurgaon, Noida and Greater Noida have emerged as the major urban centres of NCR.
Being a preferred hub for fortune 500 companies, NCR today sits at the pinnacle of India’s commercial real estate map. Speedy growth in services sectors like IT/ITeS, BFSI, Telecom, etc., extensions of industrial corridors and favorability amongst MNCs has paved a strong growth path for NCR’s robust economy and real estate sector. A recent study highlighted that NCR accounted for 28% of the office absorption in India.
The rapid growth of NCR’s realty sector can be easily attributed to growth in population, rise in the number of nuclear families, easy availability of finance, repatriation of NRIs and HNIs and rise in disposable income. This steady augmentation offered a rise in the disposable income instigating a boom in consumerism pushing Organised retail sector to grow with 25-30 per cent annually. This has resulted in the coming up of many commercial projects including Malls, Multiplexes, Shopping complexes, Food Courts, Supermarkets, co-working spaces, business centers etc. Growing importance of F&B is becoming the USP for malls. In fact, over the past five years, the space taken up by F&B has experienced faster footfalls across malls and will be the ‘experiential differentiator’ in future. Shoppers are increasingly chasing experiences, not just merchandise.