In a new trend of sorts, the National Capital Region (NCR) is witnessing major interest from top real estate players in Mumbai who are finding newer opportunities in the region after the hurdles faced by top homegrown brands like Parsvnath, DLF and Unitech here. Several Mumbai real estate developers are aiming to capture some parts of the NCR realty market. These developers are either launching new real estate projects or planning joint ventures and acquisitions of existing ventures. The correction in land prices is another attraction for Mumbai real estate developers like Kalpataru, Shapoorji Pallonji and Dosti Realty while Godrej Properties is going strong in the region already.
Parsvnath, on the other hand, has come out of the Mumbai real estate market while DLF and Unitech are not coming up with any new launches at present. As per reports, Shapoorji Pallonji Real Estate is planning to launch and acquire 2 projects in Gurgaon and Noida as per reports. Sales prices have already corrected in the NCR and the company is looking to buy land at a suitable price. Experts feel that land prices have fallen considerably in the NCR, thereby providing more opportunities for developers to purchase land and launch new realty projects. Prices have fallen for land by around 15% in major areas across Gurgaon and Noida and up to 20% in peripheral zones across Greater Noida and Ghaziabad over the last 4-5 years.
Kalpataru has already launched its first NCR project at Sector 128 in Noida which is strategically located along the Noida-Greater Noida Expressway and is looking to launch more projects in the near future. Tata Housing and the Lodha Group had reportedly bid for the assets of Jaypee Infratech which filed for bankruptcy. However, the final bidder turned out to be Suraksha Asset Reconstruction Company promoted by Sudhir Walia and Dosti Realty which is based in Mumbai. Godrej Properties has already carved its niche in the NCR real estate market with 11 projects and 9 of these projects are joint ventures while two are development management contracts. The company is aiming to launch at least 1-2 projects each quarter in the NCR according to reports. Apart from residential apartments, Godrej Properties is looking to foray into plotted developments along with venturing into newer zones such as Ghaziabad and Faridabad. Some of the company’s top projects in the NCR include Godrej Golf Link Villas and Godrej Nest at Noida and Godrej Nature Plus and Godrej Meridien at Gurgaon among others.
Several experts also feel that Mumbai’s real estate players are attracted to the NCR since they can execute larger projects here and there is ample availability of land across Noida, Gurgaon and Delhi along with scope for JVs and joint development.