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High End - NCR

recession in such a big way. Even the cheapest goes for Rs 4-5 lakhs per sq yard,” says Srivastav. And who are the buyers? It is basically builders who purchase the plots and sell off the flats (floor wise). Living in South Delhi is con- sidered a status symbol by many and the builder floors available copiously helps fulfill- ment of this aspiration of many bureaucrats, politicians, first generation entrepreneurs and businessmen. However, in the last three months or so, there has been a slowdown in sale here because of restrictions in movement of cash due to elections (Municipal Corpora- tion of Delhi & UP Assembly elections). As sources state, property transactions in the area are mostly through cash and hence a downfall is likely

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to come up as Delhi goes to polls during the Assembly and parliamentary elections.

NCR Rising The demand for luxury homes in NCR is much higher as compared to supply. “Delhi be- ing the capital, income is very high compared to different cit- ies and accordingly the luxury home segment provides com- plete luxurious facilities and lifestyle to NCR residents,” says Gupta. As a result, while Gurgaon has already made a name for its high-end luxury apartments and there is an oversupply of luxury flats, Noida and Greater Noida are trying to catch up too. Sale of builder floors is still a taboo in Noida, and hence high rises are the only option.

With DLF Phase II and the luxury homes coming up in Golf Course Extension Road (Grand Arch; Pioneer Presidia, Victory Valley; Tata Louvre, Ireo Uptown, etc) and rapid metro service, in a few years time, Gurgaon will be closely connected to Delhi. “Till the metro construction work is on, property price in the area will not be that exciting as is the trend, but it will soar up as the work is complete by 2014. With many major developers com- ing up with seven-star branded projects (Tata, etc), Gurgaon will no more be a suburban area of Delhi, but will be con- sidered an extension of South Delhi,” says Srivastav.

Mahagun Marvella, Emaar MGF Emerald, Ireo Skyon, Ra-

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