Buying property in Delhi is in many ways a good option. Recently during my sojourn in Bangalore, I chanced upon an old buddy with whom I had worked in the Middle East long ago. A Bangalorean himself, Michael Fernandez confided to me his interest in buying some commercial property in Delhi. He said he had some business plans. Michael, a sharp-witted and savvy intellectual in his late forties, asked me about the real estate market in the national capital. The property market in Delhi, I told my friend, had been witnessing a consistent value addition for the past several years. Of course, there has been a little slump recently in the wake of the global economic meltdown. But that was only a temporary phenomenon. Now, it is reported that the real estate market in Delhi is again back in the saddle.
I told my friend, if he was buying any property in Delhi, he needed to undertake a firsthand study of the real estate scenario in Delhi. The national capital today is very different from what it had been a decennium ago. Apart from being the capital, the place is fast emerging as a centre of great commercial and industrial significance. Again, in the wake of the liberalization of economic policy by the Government of India along with globalization, there evolved a new world economic order. In the new trans-national economic equations, the Indian subcontinent has emerged as a new world market. Consequently, the major multinational corporations across the global spectrum vied with each other to have a greater share of the pie and they made a bee-line for the Indian subcontinent. The presence of these corporations in the national capital directly influenced the Delhi property market and the price of both commercial and residential properties began to go up quicker than ever before.
Real estate market in Delhi is inevitably vibrant due to multiple reasons. Apart from being the national capital and centre of growing commercial significance, Delhi with its high density of academic centres and government offices is a place with growing demand for commercial space and accommodation. This ever-growing demand notwithstanding, the higher and better infrastructure and public utility services, like the Delhi Metro Rail, have all the more enhanced the property price in the national capital. Further, the cluster of industrial cities – Gurgaon, Noida, Gaziabad and Faridabad – lying around the capital has all the more augmented the significance of Delhi and thereby has a direct bearing on the growing property market.