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In 2023, Delhi-NCR Real Estate Will Grow Exponentially

Delhi NCR ( National Capital Region ) is surrounded by cities such as Gurgaon, Noida, Faridabad and Ghaziabad, Greater Noida, Therefore Delhi-NCR is India’s largest urban agglomeration.

Delhi-NCR is one of the fastest growing economies in the country due to investment and growth of national and international corporations.

According to experts, the real estate market in Delhi-NCR is anticipated in 2023 to be a year of exponential expansion.

The real estate industry in Delhi-NCR is expected to increase due to residential and commercial property demand. As more job seekers move to Delhi for their employment. Furthermore, multiple development projects including Smart City Mission and Atal Mission for Rejuvenation and Urban Transformation (AMRUT) have aided the real estate sector’s growth.

Another aspect encouraging expansion is the connectivity network around Delhi-NCR including new highways, roads, metro rail, international airport to commute and travel throughout the region. This economic boost has made Delhi-NCR an appealing investment destination.

It is predicted that residential units sales will touch upto 44,000 units in sale in Delhi-NCR alone in 2023. Commercial real estate is also touching its peak due to the continued demand for offices, co-working spaces.

According to the reports, the Indian real estate sector is one of the most important contributors to the indian’s economy, accounting for roughly 7% of the country’s GDP. The most contribution comes from residential, commercial and retail categories. 

However, the market faced many challenges in recent years as a result of a number of issues, including the enactment of the Real Estate (Regulation and Development) Act (RERA) and the Goods and Services Tax (GST). 

Despite the slump, the Indian real estate industry is likely to expand in the next few years, thanks to factors such as urbanisation, rising disposable incomes, and favorable government policies.

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