Developers such as Godrej, Eldeco, Trident Realty, Mapsko, M3M, and Alpha have initiated projects in smaller towns such as Alwar, Sonepat, Panipat, and Meerut, among others.
With large-scale projects getting pushed for the second half of this financial year, DLF is focusing on plotted and low-rise developments to generate revenue.
“DLF is already there in Panchkula, and the Panipat land was old, which it monetised at the right time. The project was sold at a 15–25% premium compared with its competitors. There is a lot of demand for plotted projects in these small towns within 2-3 hours driving distance from Delhi,” said a market source.
Since October 2020, DLF has sold low-rise apartments worth Rs 7,650 crore in the NCR and Panchkula.
DLF is set to launch projects worth Rs 20,000 crore this fiscal year, with the combined value of two upcoming projects in Gurgaon estimated to be Rs 15,000 crore.“There are two big projects coming up in Gurgaon, while another project is lined up for launch in Mumbai. Since there was no major launch in the first two quarters, DLF focused on clearing small projects and generating cash flow to meet the guidance for the year,” said another market expert. Brand new rapid train corridors, separate from the congested century-old railroads weighed down by traffic and time, will soon connect downtown Delhi and Noida to Meerut, Karnal, and Alwar. Similarly, tolled peripheral expressways and access-controlled motorways are already linking the likes of Palwal, Bahadurgarh, and Sonepat to the capital, slashing by half the commute times from these small towns in the NCR to Connaught Place, or ITO.
With a noticeable increase in the number of corporates and a rapid rise in Delhi’s organised-sector working population, numerous micro-markets in the outlying areas of the NCR are seeing traction for both residential and commercial properties.
Experts said that globally, many buyers seek destinations within 2-3 hours by car from their main city base for a spacious second home. With hybrid work cultures becoming more prevalent, many people are moving back to their hometowns, driving residential property demand.
Shorter travel times enable owners to use their second homes more often, driving year-round occupancies to locations previously frequented only during holidays or family events.
A proposed rapid rail line between Delhi and Panipat is expected to be extended until Karnal, further helping property development in these once-dusty semi-agrarian settlements north of Delhi.
These infrastructural developments have not only made it easier to move throughout the NCR’s outskirts, but they have also created new opportunities for economic development and investment.
