Delhi & NCR Report - ICICI Home Finance

March 2008 

DILLI HEIGHTS 

NCR-Delhi Residential Real Estate Review

NCR - Overview Faridabad, Gurgaon, Noida, Greater Noida and Ghaziabad 

Increasing purchasing power among young urban 

professionals, easy availability of finance, and changing 

attitudes towards home ownership are conditions 

that have contributed to the growth of the residential 

market. 

As per estimates by the Central Statistical Organization, 

the per capita income in Delhi is more than double the 

value for the country as a whole. With an increase in 

demand for quality housing, residential property rates 

have risen steeply over the past few years. 

Gurgaon witnessed a huge spate of activity in the 

residential market owing to increasing demand from 

young professionals working in the region, many of 

whom prefer to live near their workplace. In the long 

term, improving infrastructure will make NOIDA a 

preferred residential destination. The NOIDA metro is 

set to be functional by June 2009. The stations covered 

would include Sector 15, 16, 17, 18, 37, 38 and 32. The 

whole stretch will be on elevated line and trains would 

run at an interval of six minutes between stations. Also, 

the existing eight-lane DND Toll bridge flyover provides 

ease and comfort to road-traffic into and out of NOIDA. 

The 28km Delhi to Gurgaon expressway is another 

very important road construction project currently 

underway. The project comprises the widening and 

conversion of the Delhi to Gurgaon section of the 

National Highway (NH)-8 into a six- to eight-lane accesscontrolled 

highway on a Build, Operate, and Transfer 

(BOT) basis. The highway provides important links to 

the western ports and the North Indian markets, as 

well as the newly developed townships and localities 

such as Dwarka. The residential real estate market in 

the NCR shall continue its momentum both in terms 

of demand and supply, but is unlikely to witness any 

unprecedented rise in values like in the year 2006-07. 

 

ICICI Property Services

NCR - Delhi at a glance 

Residential Market 

Area (Delhi) 

Location (Delhi) 

Population (2001) 

(Delhi+New Delhi+ 

Faridabad+Gurgaon) 

1483 sq.km. 

latitude 28.38°N and 

longitude 77.12°E 

14.84 million 

No. of Households (2001) (in ‘000s) 2836.745 

(Delhi+NewDelhi+Faridabad 

+Gurgaon) 

House Ownership (2006) (Delhi): 9047 

Owned (in ‘000s) 

Rented (‘000s) 2796 

No. of SEZs 22 

(notified as on Jan 24, 2008) 

No. of Graduates (2001) 

(Delhi+NewDelhi+ 

Faridabad+Gurgaon) 

Consumer Price Index 523 

(as in Dec 2007) (Delhi) 

% change in CPI 4.8 

Dec 2006-Dec 2007 (Delhi) 

Crime Rate (Delhi) 380.6 

1.64 million 

Provided by employer (‘000s) 636 

Others (‘000s) 31 

No. of property related transactions 16139 

in Oct 2007 (NCR-Delhi) 

Growth/Drop in the no. of property 15% 

related transactions in 

Oct 2007 over Q2 2007 (NCR-Delhi) 

Source: Census of India 2001, Marketing Whitebook 2007- 

08, ICICI Property Services 

Residential Units to enter 80391 

the market by Dec 2009 

Source: ICICI Property Services, Ministry of Commerce & 

Industry, Dept. of Commerce, CSO, NCRB, Census of India 

-2001 


RASHTRAPATI BHAVAN 

Rashtrapati Bhavan, the official residence of the President of India, is located at 

the west end of the 2 1/2km long Rajpath (King’s path), a tree-lined avenue flanked 

by lawns with orderly flowerbeds and clipped hedges, with the India gate at the 

opposite end. Designed by Sir Edwin L. Lutyens and completed in 1929, this 

palatial building on the Raisina hill was formerly the Viceregal Lodge (Viceroy’s 

House), during the British rule. 

 


Prime Residential Locations in NCR-Delhi 

NOIDA Gurgaon Ghaziabad Faridabad North Delhi South Delhi East Delhi West Delhi 

Major Major Major Major Major Major Major Major 

Locations Locations Locations Locations Locations Locations Locations Locations 

Sector 93 Golf Course Indirapuram Old Faridabad Pritampura Chanakya Preet Janakpuri 

Road puri Vihar Zone 

Sector 50 Sector 49 Vasundhra Sector 21C Rohini Lajpat Mayur Punjabi 

Nagar Vihar Zone Bagh 

Sector 51 Sector 43 Rajnagar Sector 45 Ashok Vihar Greater Patparganj Rohini 

Kailash Zone 

Sector 52 Sector 55 Vaishali Sector 42 Model Town Safdarjung Paschim 

Vihar 

Sector 44 Sector 56 Kaushambi Sector 33 Civil Lines Vasant Kunj Saraswati 

Vihar 

Sector 61 Sohna Road Old Ghaziabad Trans Canal Rajpur Road Mehrauli Kohat 

Enclave 

Sector 49 M G Road NH 58 Meera 

Bagh 

Sector 18 Old Gurgaon 

RBI Enclave 

- Sector 92 

Sector 14 Sector108 Bhaera 

Enclave 

Sector 15 Sector 109 Guru Har 

Kishan 

Nagar 

Sector 30 

Vikaspuri 

Sector 31 

Shivaji 

Enclave 

Sector 128 

Rajouri 

Gaden 

Hari Nagar 

Kirti Nagar 

Ramesh 

Nagar 


Supply of Residential Units (by Category A,B & C developers) coming up by December 2009 

Average Area of an Apartment No. of Units Area in million sq.ft 

NOIDA 2 BHK 1100 - 1200 5.40 

3/4 BHK 1700 - 2300 (3 BHK) 16854 40.41 

2300 - 3400 (4 BHK) 

Ghaziabad 2 BHK 1100 - 1275 13148 13.35 

3/4 BHK 1300 - 1800 (3 BHK) 17354 22.29 

1800 - 2100 (4 BHK) 

Gurgaon 2 BHK 800 - 1200 8500 15.56 

3/4 BHK 1400 - 2500 (3 BHK) 16775 31.85 

2500 & above (4 BHK) 

Faridabad 2 BHK 900 - 1100 2900 5.20 

3/4 BHK 1300 - 1500 (3 BHK) 3600 6.30 

1700 - 2900 (4 BHK) 

Delhi 2 BHK 1600 100 0.16 

3 BHK 2100 110 0.23 

4 BHK 2500 - 5500 60 

Total supply to enter 80391 140.36 

the market in 

Delhi-NCR by Dec 2009 

Distribution of residential supply 

No. of units across NCR-Delhi by category A, B 

& C developers 

Source: ICICI Property Services 

 


SEZs notified as on Jan 24, 2008 

S. No. Name Location Type Area (in hectares) 

1 DLF Ltd. Gurgaon IT/ ITES 12.06 

2 M/s DLF Cyber City Gurgaon IT/ ITES 10.73 

Developers Ltd. 

3 Dr. Fresh Health Pvt. Ltd. Gurgaon IT/ ITES 23.43 

4 Luxor Cyber City Pvt. Ltd. Gurgaon IT/ ITES 27.08 

5 Parsvanath SEZ Ltd. Gurgaon IT/ ITES 42.70 

6 GHI Finlease & Investment Ltd. Gurgaon IT/ITES 12.94 

7 Gurgaon Infospace Ltd. Gurgaon IT/ITES 11.20 

8 Canton Buildwell Pvt. Ltd. Gurgaon IT/ITES 10.16 

9 Unitech Realty Projects Ltd. Gurgaon IT/ITES 10.04 

10 Suncity Haryana SEZ Gurgaon IT 67.64 

Developers Pvt. Ltd. 

11 Metro Valley Business Gurgaon IT 10.39 

Park Pvt. Ltd. 

12 M/s Orient Craft Gurgaon Textiles 114.83 

Infrastructure Ltd. 

13 Uppal Developer Pvt. Ltd. Gurgaon Multi- Services 106.31 

14 Selecto Systems Pvt. Ltd. Faridabad IT/ ITES 3.34 

15 Moser Baer India Ltd. Greater NOIDA Non-conventional 11.90 

energy including solar 

energy equipments/cell 

16 Ansal IT City & Parks Ltd. Greater NOIDA IT/ITES 30.41 

17 NIIT Technologies Ltd. SEZ Greater NOIDA IT/ITES 10.2 

18 WIPRO Ltd. Greater NOIDA IT/ITES 20.23 

19 HCL Technologies Ltd. NOIDA IT/ITES 16.91 

20 OSE Infrastructure Ltd. NOIDA IT/ITES 10.12 

21 Seaview Developers Ltd. NOIDA IT 12 

22 Unitech Infra Con Ltd. NOIDA IT/ITES 20.23 

Total 594.85 

Source: Ministry of Commerce & Industry, Dept. of Commerce 


Organised Retail Development 

S. No. Mall Name Site Location Total Area in million Status 

sq. ft. (Approx) 

1 City Centre Gurgaon 0.25 Operational 

2 Mega Mall Gurgaon 0.30 Operational 

3 Grand Mall Gurgaon 0.30 Operational 

4 South Point Gurgaon 0.18 Under Construction 

5 Star Mall Gurgaon 0.35 Under Construction 

6 Mall of India Gurgaon 5.00 Under Construction 

7 Senior Mall Gurgaon 0.25 Under Construction 

8 Ambi Mall Gurgaon 1.80 Operational 

9 Gold Souk Gurgaon 0.18 Operational 

10 House2Home Gurgaon 0.20 Under Construction 

11 MGF Metropolitan Mall Gurgaon 0.40 Operational 

12 Raheja Mall Gurgaon 0.28 Under Construction 

13 Omaxe Plaza Gurgaon 0.25 Operational 

14 Sahara Mall Gurgaon 0.25 Operational 

15 Wedding Mall Gurgaon 0.17 Completed but not Operational 

16 JMD Regent Mall Gurgaon 0.25 Under Construction 

17 Mega City Gurgaon 0.20 Operational 

18 MGF Plaza Gurgaon 0.15 Operational 

19 Gurgaon Central Gurgaon 0.25 Completed but not Operational 

20 ILD Trade Centre Gurgaon 0.50 Under Construction 

21 Niho Mall Gurgaon 0.08 Completed but not Operational 

22 Landmark Mall Gurgaon 0.30 Under Construction 

23 MGF Metropolis Gurgaon 0.50 Under Construction 

24 DLF Tower Delhi 0.20 Proposed 

25 Splender Forum Delhi 0.15 Under Construction 

26 Sprit GlobusKopia Delhi 0.15 Under Construction 

27 DLF Vasant Place Delhi 0.90 Completed but not Operational 

28 Courtyard Delhi 0.60 Under Construction 

29 South Court Delhi 0.50 Under Construction 

30 Galleria Delhi 0.15 Completed but not Operational 

31 Metrowalk Delhi 0.25 Operational 

 




32 Inderlok Metro Delhi 0.15 Operational 

33 Shahdara Metro Delhi 0.10 Completed but not Operational 

34 Parsvnath Rohini Mall Delhi 0.40 Under Construction 

35 Ansals Plaza Delhi 0.10 Operational 

36 Ambi Mall Delhi 0.80 Under Construction 

37 City Square Delhi 0.25 Operational 

38 Cross River Mall Delhi 0.40 Operational 

39 Shop’in Park - East 

(Piramyd) closed 

Delhi 0.15 Completed but not Operational 

40 Shop’in Park - North Delhi 0.25 Operational 

41 TDI Mall (Rajouri Garden) Delhi 0.15 Operational 

42 TDI Paragon Delhi 0.15 Operational 

43 V3S East Centre Delhi 0.30 Operational 

44 V3S Ring Road Mall Delhi 0.40 Completed but not Operational 

45 Vasant Square Delhi 0.40 Under Construction 

46 Wedding Souk Delhi 0.10 Operational 

47 West Gate Delhi 0.40 Operational 

48 Southern Park Delhi 0.20 Operational 

49 Citadel Delhi 0.17 Under Construction 

50 Orbit Plaza Delhi 0.25 - 

51 Capitol City Mall Delhi 0.25 Under Construction 

52 Pacific (Rajouri Garden) Delhi 0.60 Under Construction 

53 StarCity Mall Delhi 0.40 Operational 

54 Akshardham Metro Mall Delhi 0.40 Under Construction 

55 Azadpur Metro Mall Delhi 0.30 Under Construction 

56 Select City Walk Delhi 0.50 Operational 

57 MGF Metropolitan Delhi 0.50 Under Construction 

58 MGF Khyber Pass Delhi 0.40 Under Construction 

59 Hyper Mall Delhi 0.40 Completed but not Operational 

60 V3S Rohini Dist Centre Delhi 0.25 Under Construction 

61 D Mall Delhi 0.30 Under Construction 

62 Kings Mall Delhi 0.25 Under Construction 

63 M2K Delhi 0.07 Operational 

64 Mangalam Paradise Delhi 0.15 Under Construction 




65 W mall Delhi 0.10 Completed but not Operational 

66 North Gate Delhi 0.20 Completed but not Operational 

67 Town Square Noida 1.70 Under Construction 

68 The Great India Place Noida 1.50 Operational 

69 Gardens Galleria Noida 0.80 Proposed 

70 Spice World Noida 0.35 Operational 

71 Senior Mall Noida 0.20 Completed but not Operational 

72 Ansals Plaza Gr. Noida 0.75 Operational 

73 NRI City Centre Gr. Noida 0.50 Under Construction 

74 Omaxe Connaught Place Gr. Noida 1.90 Under Construction 

75 MSX Mall Gr. Noida 0.50 Under Construction 

76 Grand Venezia Gr. Noida 1.00 Under Construction 

77 I Mall Gr. Noida 0.50 Proposed 

78 CentreStage Mall Noida 0.40 Operational 

79 Shoprix Mall Noida 0.15 Operational 

80 SRS World Faridabad 0.18 Operational 

81 Ansals Crown Plaza Faridabad 0.18 Operational 

82 Destination Point Faridabad 0.25 Proposed 

83 Crown Interiorz Faridabad 0.65 Completed but not Operational 

84 Eldeco Station1 Faridabad 0.20 Completed but not Operational 

85 Eros E-Square Mall Faridabad 0.40 Completed but not Operational 

86 Eros EF3 Mall Faridabad 0.40 Completed but not Operational 

87 City Mall Faridabad 0.30 Completed but not Operational 

88 Pristine Mall Faridabad 0.20 Operational 

89 MB Mall Faridabad 0.40 Under Construction 

90 Gardenia Sky Mall Faridabad 0.20 Under Construction 

91 Eros market place Ghaziabad 0.25 Under Construction 

92 The East End Mall Ghaziabad 0.10 Operational 

93 Shopprix Mall Ghaziabad 0.10 Operational 

94 Shipra Mall Ghaziabad 0.45 Operational 

95 Pacific Ghaziabad 0.50 Operational 

96 One Mall Ghaziabad 0.10 Completed but not Operational 

97 MMX Mall Ghaziabad 0.25 Under Construction 

98 Parsvnath Majestic Arcade Ghaziabad 0.20 Under Construction 

10 ICICI Property Services



99 Galaxie Ghaziabad 0.10 Operational 

100 East Delhi Mall (EDM) Ghaziabad 0.50 Operational 

101 Ansal Plaza 

(Factory Outlet Mall) 

Ghaziabad 0.20 Operational 

102 AEZ Carnival Country Mall Ghaziabad 0.30 Operational 

103 Aerens Europark Ghaziabad 0.60 Under Construction 

104 Aditya Mega Mall Ghaziabad 0.25 Under Construction 

105 Ashiana City Mall Ghaziabad 0.21 Completed but not Operational 

106 D Mall Ghaziabad 0.20 Under Construction 

107 Mahagun Metro Mall Ghaziabad 0.16 Under Construction 

108 Jaipuria Sunrise Mall Ghaziabad 0.25 Under Construction 

109 Angel Mall Ghaziabad 0.20 Under Construction 

110 Express Mall Ghaziabad 0.20 Under Construction 

111 Express Plus Mall Ghaziabad 0.20 Under Construction 

112 Celebration Mall Ghaziabad 0.30 Under Construction 


ICICI Property Services 11

RED FORT 

12 ICICI Property Services 

It first occurred to the omniscient mind that he should select on the 

banks of the Yamuna river some pleasant site, distinguished by its 

genial climate, where he might found a splendid fort and delightful 

edifices, agreeably to the promptings of his generous heart, through 

which streams of water should be made to flow, and the terraces 

of which should overlook the river.’ Muhammad Tahir, Inayat Khan 

Shahjahan-nama, 1657-58.

NOIDA (New Okhla Industrial Estate Authority) Major Locations: Sector 93, sector 128, 50, 51, 52, 44, 

61, 93, 49, 19, 120, Old NOIDA-sector 18, 14, 15, 30, 31 

NOIDA comprises 167 sectors and out of which 70 

sectors have already been developed. New sectors are 

being developed in a phased manner. Property prices 

generally follow a similar trend in almost all residential 

sectors. The major developers in the area are Jaypee, 

Unitech, ATS , Eldeco, Supertech, Parsvnath, Omaxe. 

There are about 50 societies in NOIDA. 

Growth Stimulators 

• Development of commercial & industrial activity 

leading to creation of jobs has led to increase in 

demand of properties in NOIDA. 

• The rush of developers during recent auctions is 

also an indicator of the same. 

• Planned infrastructure & development of builder 

activities by the government are the key real estate 

drivers in NOIDA. 

• There are various sectors in NOIDA & Greater NOIDA 

which are earmarked for the developers. 

• Lately NOIDA has become a hub for MNCs & 

outsourcing IT services. 

• Adobe System, TCS, ATC Labs, Interra, Global Logic 

(previously Induslogic), CSC, HCL, EXL, Birlasoft, 

Perot, Impetus STMicro Electronics & Xansa have 

their offices in NOIDA. 

• Indian counterparts of several MNCs are located in 

NOIDA. 

• Software Technologies Park is also headquartered 

in NOIDA. 

• NOIDA is fast emerging as a hub for automobile 

ancillary units with companies like Daewoo, Escorts, 

Honda-SIEL & New Holland Tractors. 

• SEZ, better suburban atmosphere in NOIDA & 

proximity to Delhi also contribute to the development 

of this zone. 

• The 160 km long Taj Express connecting Greater 

NOIDA to Agra, metro connectivity by 2009, 

Formula 1 and proposed airport in Greater NOIDA, 

connectivity to Delhi by DND Flyway, expressways, 

highways and district roads, have all boosted the 

real estate market of NOIDA. 

• NOIDA is known as North India’s only modern, self 

contained city. 

• Greater NOIDA is India’s cleanest city with more 

than 25% of green cover. 

• The best destination for IT giants and life style 

seekers. 

• A very good access point to Delhi, NOIDA, 

Ghaziabad, Faridabad and Agra that no other NCR 

township can match. 

• NOIDA is estimated to witness an IT development 

to the tune of 6.5 million sq. ft. by Dec 2009. This 

should translate to over 50,000 new jobs getting 

created. (Assuming 10% vacancy levels) 


Residential Market in NOIDA 

Distribution of 2 & 3/4 BHK in NOIDA 

Average Apartment Size of 1100 - 1200 

2 BHK in sq.ft. 





Total Supply (in mn. sq. ft.) 45.81 

by Dec. 2009 

Total Supply (in no. of units) 21354 

by Dec. 2009 


Note: The areas mentioned are built-up areas 


Prime Residential Projects in NOIDA 

Name of the Project Developer Capital Values for 2 BHK No. of Units Date of Completion 

as on Mar 2008 (in INR) 

Grand Woods Omaxe 50 - 55 lacs 500 Dec 2009 

Twin Towers Omaxe 1.2 Cr (3 BHK) 140 Aug 2010 

Jaypee Greens Jaypee 1 Cr 1420 Dec 2010 

Grande Unitech 1.8 Cr (3 BHK) 516 Dec 2010 

Utopia Eldeco 45 - 55 lacs 438 Mar 2008 


*Rates mentioned are based on built-up area & are subject to amenities, upkeep & vary from apartment 

to apartment within the same building. Rates are subject to change at any given point of time. 


Residential Property Rates in Prime Residential Markets of NOIDA 

Location Average Rates (Rs./sq. ft.) Average Rentals (Rs./month) Market Outlook 

Express Way 5000 - 5700 17000 - 25000 (1500 sq. ft.) R 

Sector 50 4500 - 5000 17000 - 18000 (3 BHK) R 

Sector 61, 62 3500 - 4000 15000 - 16000 (3 BHK) R 

Greater NOIDA 3000 8000 (3 BHK) S 


*Rates mentioned are based on built-up area & are subject to amenities, upkeep & vary from apartment to apartment 

within the same building. Rates are subject to change at any given point of time. 

Property Price Movement (Q4 2004 - Q3 2007) - NOIDA 

Source: ICICI HFC Mortgage Valuation 

Services 

Assumption: 100 as a base reference no. for 

Q4 2004) 


Map not to scale. 

NOIDA MAP

HUMAYUN’S TOMB 

Humayun’s Tomb is a complex of buildings of Mughal 

architecture located in Nizamuddin East, New Delhi. 

It encompasses the main tomb of Emperor Humayun 

as well as numerous others. This tomb is of particular 

cultural significance as it was the first garden-tomb 

on the Indian subcontinent which inspired several 

major architectural innovations, culminating in the 

construction of the Taj Mahal. 


Gurgaon Major Locations: Golf Course Road, Sector 49, 43, 55, 56, Sohna Road, M G Road, 

Old Gurgaon - sector 92, 109, 108 

Gurgaon is the most rapidly developing colonnade of 

Greater Delhi. The development in the region has been 

predominantly high rise construction along with high 

quality villas. The areas of DLF, South City, Sushant 

Lok, Sohna Road have witnessed vast apartment 

developments. These areas have witnessed large 

residential projects launched and completed by 

most reputed builders of Delhi-NCR. There are more 

number of high-end apartments in Gurgaon than in any 

other area of NCR. Major builders in the area include 

DLF, Unitech, Ansals, MGF, Parsvnath, Vipul, Vatika, 

Ambience, Sun City & Omaxe to name a few. Maruti & 

Hero Honda were amongst the initial corporate houses 

to have entered this area. Gurgaon is home to small 

textile and auto ancillary companies as well. Gurgaon 

is an end user market and all the new projects coming 

up are premium and life style projects. 


• It is home to offices of several MNCs. 

• Gurgaon has emerged as the hub of IT & other new 

age businesses. 

• It is estimated that IT will spread over 6 million sq.ft. 

in Gurgaon by Dec 2009, which will in turn create 

over 50,000 new jobs, thus giving a further push to 

the residential real estate. 

• This is primarily because of its proximity to the 

international & domestic airport & also to Delhi. 

• Almost 56 SEZs are already approved in Haryana. 

(including DLF & Reliance) 

• The area along NH8 is booming – Manesar, Daruhera, 

Bhiwadi, Riwadi. 

• Gurgaon enjoys all the facilities available in Delhi. 

• It is well-linked by rail & road to Delhi, Faridabad & 

Jaipur. 

• KMP Expressway (Kundli-Manesar-Palwal) is coming 

up soon. 


Residential Market in Gurgaon 


2 BHK in sq. ft. 

Distribution of 2 & 3/4 BHK in 

Gurgaon 



Average Apartment Size of 


2500 & above 


by Dec. 2009 


by Dec. 2009 




Prime Residential Projects in Gurgaon 



Nirvana Fresco Unitech 50 - 60 lacs (2 BHK) 796 Dec 2008 

Palm Springs Emaar 1.5 Cr (3 BHK) 300 Dec 2008 

Park Place DLF 1.2 Cr (3 BHK) 988 Dec 2009 

Palm Drive Emaar 80 - 90 lacs (2 BHK) 500 Jun 2010 

Bellaire DLF 2.1 - 2.2 Cr (3 BHK) 380 Jun 2010 

Exotica Parsvnath 1.2 - 1.3 Cr (3 BHK) 350 Dec 2008 

Aralias DLF 4 - 4.5 Cr (5 BHK) 34 Jul 2008 

Magnolias DLF 4.5 - 5 Cr (4 BHK) 480 Jul 2010 


*Rates mentioned are based on built-up area & are subject to amenities, upkeep & vary from apartment to 

apartment within the same building. Rates are subject to change at any given point of time. 


Residential Property Rates in Prime Residential Markets of Gurgaon 

Location Average Rates (Rs./sq. ft.) Average Rentals for 3 BHK (Rs./month) Market Outlook 

MG Road 5000 - 5500 30000 - 50000 S 

Golf Course Road 6000 - 6500 35000 R 

Nirvana Country 3800 - 4000 25000 S 

Sohna Road 3200 - 3500 14000 -18000 R 

Manesar 2000 - 2400 5000 R 

Dharuhera 1500 - 1800 4000 R 

Upcoming areas 2400 - 2600 NA R 

(sectors108, 92,10) 




Property Price Movement (Q4 2004 - Q3 2007) - Gurgaon 

Source: ICICI HFC Mortgage Valuation 

Services 

Assumption: 100 as a base reference 

no. for Q4 2004) 



GURGAON MAP

SAFDARJUNG TOMB 

Safdarjung’s Tomb was built by Nawab Shuja-ud-Daulah, the son of 

Safdarjung. Safdarjung was the governor of Awadh and later became 

the Prime Minister of Muhammad Shah, the Mughal emperor. Built 

in 1753-1754, the Safdarjung Tomb lies at the Lodi Road, New Delhi. 

Safdarjung’s Tomb is set in the middle of a garden, which spreads 

over an area of 300 sq.m. The garden of Safdarjung’s Tomb is laid 

down on the pattern of the Mughal Charbagh style. The Safdarjung 

Tomb was erected roughly on the pattern of Humayun’s Tomb. 


Faridabad Major Locations: Trans Canal, Old Faridabad, Sector 21C, 45, 42 (Omaxe Green Valley), 

Sector 33, Clam Wood 

Faridabad is an industrial town of Haryana with 300 

large and 10000 small scale industries. Faridabad for 

years had been lagging behind other satellite towns 

in terms of a good real estate destination. Recently 

this region has gained resurgent interest and is fast 

catching up as the next hot destination. A slew of 

residential and commercial projects by well known 

developers and government agencies like HUDA are 

on the anvil. Faridabad has a develop-able land mass in 

excess of 10,000 acres. Most of the developers have 

acquired large chunks of land banks in close proximity 

to Faridabad. The major developers in the area are 

Omaxe & Ansal. 


• KMP expressway a recent initiative of Haryana 

& U.P. govt. would act as a ring road to NCR. The 

expressway once completed would link areas of 

Kundli, Manesar, Palwal with Gurgaon, Faridabad, 

NOIDA & Ghaziabad. The improved connectivity 

of Faridabad would result in appreciation of the 

property prices. 

• Planned extension of Delhi Metro to South Delhi 

is also expected to increase the marketability of 

Faridabad. 

• Completion of recently announced new bridge over 

the busy Badarpur crossing, is expected to reduce 

the traffic congestion on Mathura Road connecting 

Faridabad to South Delhi. 

• This would further reduce the transit time between 

Delhi & Faridabad & result in appreciation of property 

prices. 

• Great future connectivity to NOIDA, Greater NOIDA, 

South Delhi & Gurgaon. Gurgaon-Faridabad wide 

road is already in place. Flyover from NOIDA – 

Greater NOIDA expressway is proposed. 

• Expressway from Kalindi Kunj is slated to be 

completed before Commonwealth games 2010 

which will facilitate a smooth journey to Agra. 

• Metro is due before 2010 while many commercial & 

retail projects are slated to come up soon. 

• As many as over 15 developers have already 

moved in and major construction and infrastructure 

upgradation activities are going on. 

• Residential sectors are attracting investors as well 

as end-users working in & around Delhi. 

• HUDA (Haryana Urban Development Authority) 

has contributed to the resurgent interest in 

Faridabad by recently announcing group housing 

schemes through draw of lots, which has received 

overwhelming response. 

• Close to 1.85 million sq. ft. of IT space is estimated 

to come up in Faridabad by Dec 2009, which will 

create over 15000 jobs in this zone. 


Residential Market in Faridabad 




Faridabad 






by Dec. 2009 


by Dec. 2009 




Prime Residential Projects in Faridabad 



Forest Omaxe 2.1 - 6 Cr (5 BHK) 540 Dec 2009 

Resort BPTP 35 - 45 lacs 1200 Dec 2010 




4 


Residential Property Rates in Prime Residential Markets of Faridabad 

Location Average Rates (Rs./sq. ft.) Market Outlook 

Trans Canal (sector 78, 88, 89) 1700 - 1900 SS 

Sector 10,12,15 15000 - 2000/ sq. yard S 




Property Price Movement (Q4 2004 - Q3 2007) - Faridabad 

Source: ICICI HFC Mortgage 

Valuation Services 

Assumption: 100 as a base 

reference no. for Q4 2004) 

ICICI Property Services 

5


FARIDABAD MAP

INDIA GATE 

India Gate is constructed 

as a memorial and was 

built in the memory of 

90,000 soldiers who laid 

down their lives during 

World War I. Located at 

Rajpath, India Gate is 42 

m high and is a popular 

relaxation area during the 

summer evenings. India 

Gate also acts as a popular 

pinic spot during winter. 

Also known as the All 

India War Memorial, India 

Gate was designed and 

constructed by Lutyens. 

He was the one who 

is considered the chief 

proclaimer in designing 

the New Delhi plans. 


Ghaziabad Major Locations: Indirapuram, Vaishali, Kaushambi, Old Ghaziabad, NH 58, Vasundhra, 

Rajnagar 

Ghaziabad can be divided into 2 main areas viz. Trans 

Hindon Area (THA) & old Ghaziabad. THA comprises of 

newly developed areas of Ghaziabad like Indirapuram, 

Kaushambi, Ramprastha, Surya Nagar, Vaishali and 

Vasundhra. Old Ghaziabad comprises of Raj Nagar, Kavi 

Nagar, Patel Nagar, Shastri Nagar, Govindpuram and 

Navyug market. Because of comparatively higher rates 

and land scarcity in NOIDA and also close proximity 

to Delhi and NOIDA, both end users and investors are 

moving to Indirapuram and Ghaziabad. It has a healthy 

mix of investors and end users. Several high-rise 

apartments have changed the skyline of Ghaziabad. 

Major development is happening on NH-24 and NH- 

58. 


• Its proximity to Delhi is a major reason for high 

returns. 

• High property prices in Delhi & all other satellite 

towns vis-a-vis affordable residential units in 

Vaishali, Vasundhra, Indirapuram, Kaushambi & 

areas of Ghaziabad has or have resulted in greater 

demand for properties in these areas. 

• Kaushambi can boast of a huge mall presence in the 

pipeline. 

• Good infrastructure development in this area & 

developments for the Commonwealth Games is 

also aiding the appreciation of property prices in 

this area. 

• As part of the 2010 Commonwealth Games, GDA is 

planning to have two big five star hotel projects in 

the city. 

• The Jal Nigam is planning to increase the water 

supply to the city. 

• The area has developed into a manufacturing hub, 

with a large number of small manufacturing & 

processing industries operating out of the region. 

• It is the industrial hub of UP. 

• It was even featured in Newsweek International and 

was listed in the top 10 most dynamic cities of the 

world in the year 2006. 

• It is estimated that by the year 2010 metro trains 

will be operating on the border areas of the city of 

Ghaziabad. 

• The GDA has proposed to build fourteen new 

flyovers, grade separators, underpasses and clover 

passes at different points of the city. 

• Madhuban is a new development of Ghaziabad 

covering 1200 acres near Raj Nagar / Kavi Nagar. 

Each plot here will be park-facing along the lines of 

Golf Links / Jorbagh in New Delhi. 

• Bapudham is a huge colony near Madhuban targeted 

at the lower income group. 


8

Residential Market in Ghaziabad 




Ghaziabad 






by Dec. 2009 


by Dec. 2009 




Integrated Cities - Public Private Partnership 

Project Name 

Area (in acres) 

Project Name 

Area (in acres) 

Crossing Republik 360 

Sushant City 127 

Saga City 72.9 

Jaipuria Sunrise Green 300 

Emaar MGF 255 

Land Craft Golf Link 91.6 

Orchid IREO Reality 200 

Amara Towne 200 

Aditya World City 185 




9 


Prime Residential Projects in Ghaziabad 


as on Mar 2008 

Orange County Meriton Group 90 lacs - 1 Cr 3 (BHK) 1000 Dec 2008 

Tulips Ashiana 65 - 79 lacs 60 Jun 2009 

Green Vista Gaurs Sons 30 - 35 lacs 1400 Jun 2009 

Gulmuhor Green SVP 25 - 30 lacs 1208 Dec 2009 

Mosaic Mahagun 28 - 32 lacs 200 Mar 2009 

Mansion Mahagun 34 - 38 lacs 800 Ready to move 

Advantage ATS 30 - 33 lacs 800 Dec 2010 

Suncity Shipra 20 - 30 lacs 1000 Ready to move 

Vista Shipra 33 - 36 lacs 700 Dec 2008 




Property Price Movement 

(Q4 2004 - Q3 2007) - Ghaziabad 

Residential Property Rates in Prime 

Residential Markets of Ghaziabad 

Location Average Average Market 

Rates Rentals Outlook 

(Rs./sq. ft.) for 3 BHK 

(Rs./month) 

Indirapuram 2600 - 3200 8000 S 

Vaishali 2200 - 2800 6500 R 

Kaushambi 2000 - 2500 7000 S 

Source: ICICI HFC Mortgage Valuation Services 

Assumption: 100 as a base reference no. for Q4 2004) 


*Rates mentioned are based on built-up area & are subject to 

amenities, upkeep & vary from apartment to apartment 

within the same building. Rates are subject to change at any 

given point of time. 


GHAZIABAD MAP 

NH-58 

RAJ NAGAR 

DISTRICT CENTRE 

VASUNDHRA 

KAUSHAMBI 

VAISHALI 

INDIRAPURAM 

Map not to scale.

QUTAB MINAR 

Qutab Minar, the 239 ft. sandstone tower 

is an Indo-Islamic architectural wonder of 

ancient India. This magnificent tower of 

victory stands in the Qutab complex located 

at Aurabindo Marg, near Mehrauli. King 

Qutubuddin Aibak of Slave dynasty laid the 

foundation of the Qutab Minar in 1199 A.D. 

adjoining the Quwwat-ul-Islam mosque, to 

proclaim the victory of Islam, after the defeat 

of the last Hindu kingdom in Delhi. 


North Delhi Major Locations: Mall Road, Kamla Nagar, Kingsway Camp, Model Town, Dera Wala Nagar, 

Gujranwala Town, Ashok Vihar, Shalimar Bagh, Pitampura, Rohini - Sec - 9 to 19, Civil Lines, Rajpur Road, 

Banarsi Dass Estate, Shakti Nagar, Roop Nagar, Outram Lines, Mukherji Nagar, Rana Pratap Bagh, Tagore 

Park 

North Delhi comprises Civil Lines, Rajpur Road, 

Pitampura, Rohini, Ashok Vihar and Model Town as the 

prime residential areas. All the major locations of the 

area except some pockets of Rohini have witnessed 

plotted development with self constructed low rise 

residential units. Civil Lines, Rajpur Road and Mall 

Road are posh localities of North Delhi with presence 

of Governor Residence and Old Secretariat in this area. 

The plots in these localities are very big in size, thus 

have a very high ticket size for resale transactions. 

Paucity of demand for large properties has resulted 

in lower sales transactions and lower rate of property 

price appreciation in the area. The recent trend in 

the area is towards splitting of the bigger plots into 

smaller plots. Primarily self constructed bungalows 

are coming up in these areas. The areas of Civil Lines, 

Rajpur Road, Mall Road etc. have a lower annualized 

increment in Land rates i.e. upto 25%. 


• The area has close proximity to Inter State Bus 

Terminus and central business districts of Chandni 

Chowk, Chawri Bazaar, Kamla Nagar and Darya 

Ganj. 

• The area also has close proximity to Delhi University, 

North Campus. 

• Close to Model Town is Delhi University, one of the 

major universities of India. 

• From Model Town, you can easily get to the GT 

Karnal Road and get linked with other states of 

India. 

• Being a residential area, the region has all the 

facilities, including accommodation, tourist places 

and restaurants which makes Model town one of 

the best places to live in. 


(Q4 2004 - Q3 2007) - North Delhi 


Assumption: 100 as a base reference no. for Q4 2004 


South Delhi Major Locations: Defence Colony, South Ex. Part-I, South Ex. Part-II, East of Kailash, C. R. 

Park, Green Park, Hauz Khas, Safdarjung Development Area, Safdarjung Enclave, Saket, Shivalik Enclave, 

Swami Nagar, Panchsheel Park, Panchsheel Encalve, Golf Link, Jor Bagh, New Friends Colony, Friends 

Colony, Maharani Bagh, Jungpura, Lajpat Nagar, Kalkaji, Greater Kailash-I, Greater Kailash-II, Greater Kailash 

Enclave, Vasant Vihar, Anand Niketan, Shanti Niketan, West End, Sarvodaya Enclave. 

South Delhi has the most premium properties in Delhi 

and boasts of location such as Vasant Vihar, Golf 

Links, Chanakyapuri, GK I & II, Jorbagh, Safdarjung, 

Lajpat Nagar and Mehrauli. These are important 

parts of Delhi, as they hold both commercial and 

residential value. Major government offices as well 

as consulates are located in this area. It houses 

some of the best stores, hotels, infrastructures, 

tourist attractions, markets, historical monuments, 

restaurants and nightspots. Some of the famous 

monuments that you can find in this region are Qutab 

Minar, Purana Qila and Humayun Tomb. Lajpat Nagar 

falls amidst the two popular regions of South Delhi 

- Greater Kailash and South Ex. Apart from shops, the 

region is a well-known residential area. There are no 

high rise apartments due to government restrictions. 

The residential units are bungalows, independent 

floors, or DDA (Delhi Development Authority) flats. It 

is a mature market dominated by resale transactions. 

This is mainly an end user market, hence although the 

transaction volumes are low, the value is high. 


• The region is considered as one of the posh locales 

of Delhi. 

• It is the dream of one and all to own a house in this 

area as it may amount to crores of rupees. 

• Situated on Ring Road, South Extension is divided into 

two parts - South Extension I and South Extension II. 

• This is one of the most posh market places promising 

international shopping experiences. 

• Scarcity of flats, good connectivity with rest of Delhi 

& NCR, presence of art & cultural centres, schools, 

presence of CBD (Central Business District) are few 

of the factors driving the market. 


(Q4 2004 - Q3 2007) - South Delhi 




East Delhi Major Locations: Preet Vihar, Nirman Vihar, Pushpanjali Enclave, Saini Enclave, Dayanand 

Vihar, Anand Vihar, Ram Vihar, Surajmal Vihar, Vigyan Vihar, Jhilmil Colony, Vivek Vihar, Yamuna Vihar, 

AGCL Encalve, Jagrati Enclave, Mayur Vihar 

East Delhi area comprises of Trans Yamuna locations 

of Delhi located near UP Border. East Delhi has good 

connectivity to suburbs like NOIDA & Ghaziabad. There 

is a healthy mix of societies, DDA flats and bungalows. 

The area is predominantly inhabited by middle income 

working class, which suffered on account of poor 

connectivity with the city centre. However, the area has 

witnessed considerable appreciation in property prices 

from Jan 2005. Preet Vihar Zone, Mayur Vihar Zone, 

Patparganj Zone are the key areas of East Delhi. Preet 

Vihar zone comprises primarily residential plots with two 

storied self construction row houses. Mayur Vihar is a 

popular residential colony of East Delhi. DDA developed 

Mayur Vihar as a residential area and divided the area 

into three phases. Flats are developed under Group 

Housing Societies (GHS). Slowly and steadily, Patparganj 

is developing into a commercial and residential area. 

DDA is playing a major role in making this place grow. 

DDA has developed many Group Housing Societies 

(GHS). 


• Preet Vihar Zone has witnessed a large scale 

development of shops and educational institutes. 

• Crowded with a number of small and big shops, this 

place is considered as one of the best commercial 

hubs in Delhi. 

• Situated in the Trans-Yamuna area of the main city of 

Delhi, Mayur Vihar forms one of the better residential 

areas of East Delhi and serves as an important 

upmarket area that further enjoys a strategic location 

adjacent to NOIDA. 

• It is also fast emerging as one of the major commercial 

hubs of East Delhi. 

• Mushrooming mall culture and upcoming real estate 

activities are giving a push to the land rates here. 

• Commonwealth Games will take place in East Delhi. 

• Since it lies close to NOIDA, Nizamuddin Bridge and 

South Delhi, the area is well connected. 

• Patparganj is one of the affordable locations in 

Delhi. 

• The area is well linked with other places in Delhi like 

CP, Nehru Place, ISBT, old and new railway stations. 


(Q4 2004 - Q3 2007) - East Delhi 




West Delhi Major Locations: Rohini, Paschim Vihar, Saraswati Vihar, Kohat Enclave, Paschim Vihar 

Extn., Punjabi Bagh East, Punjabi Bagh West, Meera Bagh, RBI Enclave, Bhera Enclave, Guru Har Kishan 

Nagar, Vikaspuri, Tagore Garden, Shivaji Enclave, Rajouri Garden, Hari Nagar, Janakpuri, Kirti Nagar, 

Ramesh Nagar 

Delhi is divided into nine districts, and West Delhi 

indeed forms an indispensable part of Delhi. West Delhi 

includes regions like Janakpuri, Punjabi Bagh, Rohini. 

These areas are typically characterised by bungalows 

and DDA flats. Both mid and high range properties 

are available here. With high rise apartments and 

planned townships, the city is witnessing a new trend 

in lifestyle living. Besides apartments, the concept of 

integrated township is also ushering in Dwarka with 

many prominent players busy developing exclusive 

projects here. The rate of residential property in Dwarka 

has doubled within two years. The entire west Delhi 

has shown a uniform increment in rates. However, the 

areas up to 35% increase are those which were already 

developed like Rajouri garden, Janakpuri and Vikas Puri. 

Being the oldest, Janakpuri is divided into four major 

blocks namely A, B, C, D and then further subdivided 

into sub blocks. All the blocks in Janak Puri houses at 

least one local market. C-4 E is one of the most visited 

market of all times. Rajouri Garden area of West Delhi 

is witnessing large scale construction of Shopping 

Malls. With crack down of MCD on unauthorised shops 

running out of residential properties, which has been 

most prevalent in West Delhi, the demand for authorised 

commercial space has risen, driving the rental and 

capital values in such properties. 


• West Delhi encompasses many renowned schools, 

hospitals, cinema halls. 

• The area is a good commercial as well as residential 

hub. 

• The upcoming areas like Paschim Vihar, Saraswati 

Vihar and Punjabi Bagh have shown a good rise in 

property rates due to construction of flyovers around 

and thus, reduction of traffic on the roads. 

• The infrastructure has also become better in the last 

year in West Delhi, making it easy for commuting. 

• Janakpuri is considered one of the best residential 

colonies of West Delhi. 

• Punjabi Bagh is one of the popular residential areas 

of West Delhi. 

• The region is well located and has connectivity with 

both rail and road. 

• Metro has emerged as a matter of major convenience 

for the residents in Dwarka. With the Metro having 

started, it has become easier to get to any part of 

Delhi. 


(Q4 2004 - Q3 2007) - West Delhi 



6 


Prime Residential Projects in Delhi 



Queen’s Court DLF 8 Cr (4 BHK) 19 Dec 2010 

King’s Court DLF 10 Cr (4 BHK) 40 Dec 2010 

Victoria Garden M2K 1.25 Cr (2 BHK) 262 Dec 2009 




Distribution of 2 & 3/4 BHK in Delhi 

Residential Property Rates in Prime 

Residential Markets of Delhi 

Location Average Rates Market 

(Rs./sq. ft.) Outlook 

North Delhi 90000 - 110000 R 

South Delhi 180000 - 400000 R 

East Delhi 100000 R 

West Delhi 90000 - 105000 R 



*Rates mentioned are based on built-up area & are subject to 

amenities, upkeep & vary from apartment to apartment within 

the same building. Rates are subject to change at any given 

point of time. 


7

Location Attractiveness Index 

Infrastructure Residential Proximity to/ Proximity to/ Employment Future 

(connectivity, cost Presence of Commercial Generation Infrastructure 

roads, proximity to Organised Development 

markets, schools) Retail (offices) 

(malls/ popular 

highstreets) 

NOIDA Good Average Good Good Good Good 

Expressway 

Gurgaon Golf Good Average Good Good Good Good 

Course Road 

NOIDA Good Low Average Good Good Good 

Sector 112 to 119 

Gurgaon NH 8 Good Average Good Average Good Good 

Gurgaon Average Average Average Average Good Good 

- Sohna Road 




Recommended Locations 

Growth Corridor 

NOIDA Expressway 

Gurgaon Golf Course Road 

NOIDA Sector 112 to 119 

Gurgaon NH 8 

Gurgaon-Sohna Road 

8 ICICI Property Services 

NOIDA Expressway 

SEZ 

IT Parks 

Malls 

1200 acre township 

-Jaypee 

350 acre township 

-Unitech 

5 five star hotels are 

proposed 

NH8 

Expressway 

Reliance SEZ 

IT Parks 

Malls 

Several townships proposed 

NH8 - As per the new master 

plan a huge belt along the NH8 

been demarcated for 

residential & commercial 

development


DELHI MAP

For further enquiries, please mail us at: 

propertyservices@icicihfc.com 

“ICICI Securities Limited is proposing, subject to receipt of requisite approvals, market conditions and other 

considerations, a public issue of its equity shares and to file a Draft Red Herring Prospectus with SEBI.” 

This report has been prepared by ICICI Property Services. 

No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form by 

any means, electronic, mechanical, photocopying, recording or otherwise, without prior permission of the 

publisher, ICICI Property Services. 

The facts of these profiles are believed to be correct at the time of publication but cannot be guaranteed. Please 

note that the findings, conclusions and recommendations are based on information gathered in good faith from 

both primary and secondary sources, whose accuracy we are not always in a position to guarantee. 

ICICI property services cannot accept any liability whatsoever for actions taken based on any information that 

may subsequently prove to be incorrect.

Delhi & NCR Report - ICICI Home Finance

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