2 lakh houses to be developed in NCR in 3 years: DTZ

NEW DELHI: About two lakh houses are likely to be constructed in the National Capital Region in the next 2-3 years, notwithstanding the recent land acquisition crisis in Greater Noida, global realty consultant DTZ said on Sunday. According to DTZ's estimates , most of the upcoming housing units in NCR will be developed in the range of Rs 50 lakh to Rs 75 lakh.

“The residential segment is highly under-supplied ... As per our estimates, Delhi and NCR will see addition of about 5,000 housing units every month for the next 2-3 years. In total, we will see two lakh new houses in the entire region by then,” DTZ India Chief Executive Officer Anshul Jain said. The bulk of the upcoming apartments will be developed in Noida and peripheral locations of Gurgaon, he added.

When asked about the movement of housing prices, Jain said: “The prices are expected to remain flat in the next 2-3 years. Most of these houses will come in a price between Rs 50 lakh and Rs 75 lakh.” On the recent land crisis, he said the demand in Noida and Greater Noida will be low in the coming six months. “We do expect some problems in the future in Noida. However, this will not create any high risk in the region as well as in the country in the long term,” Jain said.