NewsVoir
New Delhi [India], May 9: Northern India is fast becoming the hot bed of the premium and affordable residential market. As one moves a little ahead of Delhi, the once-sleepy stretch between Sonipat and Panipat, is now emerging as the growth corridor of sorts for the real estate sector.
The recent survey by R&R stressed that one of the key drivers of the real estate market in Sonipat-Panipat is its proximity to the national capital, Delhi. Being situated in the National Capital Region (NCR), these cities have benefitted from the spillover effect of Delhi's rapid urbanisation and population growth.
Vishesh Prakash, Head, R&R, shares, "Many people, especially working professionals, are looking for that suit their need, looking for holistic and affordable housing options outside Delhi, and Sonipat-Panipat offer relatively competent property prices compared to the national capital. Infrastructure development has played a crucial role in shaping the real estate landscape of Sonipat and Panipat. The region has witnessed the development of highways, expressways, and other transportation networks, which have improved connectivity and accessibility. The Kundli-Manesar-Palwal (KMP) Expressway and the Eastern Peripheral Expressway have significantly reduced travel time between Sonipat-Panipat and other parts of the NCR, making it an ideal destination for real estate investment."
While Panipat's geographical positioning as a transit hub ensures excellent connectivity to northern states, making it an attractive destination for businesses, industries, and professionals seeking well-connected cities for work and living; for Sonipat, an industrial agglomeration in the vicinity provide a conducive environment for real estate growth in the area, both residential and commercial.
The establishment of industrial corridors and special economic zones (SEZs) in Sonipat-Panipat stretch has also led to an influx of industries and businesses, which has created employment opportunities and stimulated housing demand.
Residential real estate development in Sonipat-Panipat has primarily focused on providing affordable housing options to middle-income homebuyers. Gated communities, integrated townships, and affordable housing projects have proliferated in the region to cater to the housing needs of the burgeoning population. Additionally, there has been a rise in demand for plotted developments and independent houses, especially among those looking for more space and customisation options.
In fact, even the commercial real estate sector in Sonipat-Panipat is witnessing steady growth, driven by the demand for office spaces, retail outlets, and commercial complexes.
Situated in the National Capital Region (NCR) of India, Sonipat-Panipat enjoys proximity to Delhi, which is a major driver for its real estate market. The strategic location offers easy access to the national capital and its economic opportunities while providing a relatively quieter and more affordable living environment compared to Delhi.
Besides, Government policies promoting urbanisation, industrial growth, and infrastructure development play a significant role in shaping the real estate market in Sonipat-Panipat. Initiatives such as 'Housing for All' and incentives for affordable housing projects provide impetus to the sector and encourage investment.
With all this and a lot more planned for the region, Sonipat-Panipat region can definitely be termed as the growth corridor for the real estate sector in India.
High Five:
* Sonipat-Panipat's proximity to Delhi, the national capital, and its location within NCR make it a highly strategic investment destination.
* The region has witnessed significant infrastructure development, including new highways, expressways, and dedicated freight corridors.
* The establishment of industrial corridors, special economic zones, and manufacturing clusters attract businesses to the region.
* The region offers relatively affordable housing options than Delhi-NCR, making the region an attractive destination for homebuyers.
* Government initiatives supporting urbanisation, infrastructure development, and industrial growth make it a potential hotspot.
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