The National Capital Region (NCR) is spread over 43,374 sq km, making it one of the largest urban agglomerations in the world. It was initially conceived under the first Master Plan for Delhi in 1962, and
was conceptualized with the foremost objective of creating a metropolitan area around Delhi, so as to ease the pressure on the national capital. NCR consists of the entire National Capital Territory (NCT) of Delhi, as well as select districts from the neighbouring states of Haryana, Rajasthan and Uttar Pradesh (UP). Due to this lateral development, peripheral areas such
as Gurgaon, Noida and Greater Noida emerged as the major sub-regions of NCR.
The growth of the NCR region led to the growth of the service industry, and the region witnessed huge immigration from neighbouring states.
Proximity to the national capital and enhanced connectivity due to the metro line across NCR has positioned it as the most preferred destination for corporations and MNCs to set up their offices. In terms of office space, Delhi is dominated by the Banking, Financial Services and Insurance (BFSI) sector. Connaught Place forms the city’s prime office zone, and is also called its central business district (CBD). It has expanded into areas such as Mohan Cooperative Industrial Estate, Jasola, Aerocity and Vasant Kunj, which together form Delhi’s secondary business district (SBD). Being the seat of political power and the core of NCR, Delhi will continue to be a favourite with office occupiers, such as the BFSI sector, wanting to reside close to the capital.
Gurgaon has emerged as a self-sustaining city. With a total area of 1,258 sq km, Gurgaon is strategically located 30 km south - west of Delhi and offers fast and speedy connectivity to other parts of NCR. The Haryana Urban Development Authority (HUDA) developed Gurgaon in sectors, and, like any other town, Gurgaon started to grow around its railway stations and arterial roads. With improved infrastructure and connectivity, new land parcels opened up in and around Gurgaon, witnessing increased interest from the developers. Factors such as the availability of huge land parcels, proximity to the international airport, in Delhi, favourable tax policies and faster implementation of infrastructure projects contributed to Gurgaon’s growth, in terms of both, residential and commercial real estate. With 53% (70 mn sq ft) of NCR’s office stock, Gurgaon is not only the financial centre of Haryana but also one of the most pronounced IT/ITeS outsourcing and offshoring hubs in the world. Being the commercial hub of NCR and a location of choice for MNCs, Gurgaon saw an increase in population and per capita income, which created a huge demand for housing, resulting in escalating property prices in recent years.
Noida city is located in the Gautam Budh Nagar district of Uttar Pradesh and is developed by the New Okhla Industrial Development Authority (NOIDA). Spread over 203 sq km, this is one of the prominent real estate zones in NCR due to its excellent connectivity with Delhi, Agra, Faridabad and Ghaziabad. The 165-km Yamuna Expressway provides connectivity with Agra; the eight-lane Delhi-Noida- Direct (DND) Flyway connects Noida with Delhi; the 23-km Noida - Greater Noida Expressway connects these two urban centres; and the upcoming Faridabad - Noida - Ghaziabad (FNG) Expressway will provide improved connectivity between Faridabad and Ghaziabad. Noida has the Delhi Metro facility till the City Centre from Delhi. The metro will expand further to connect Noida to Greater Noida.
Noida was conceptualized to offload the congestion pressure on Delhi, and post its inception in 1976, the city behaved like an industrial hub. It was only in early 2000 that the surge of IT companies changed Noida’s landscape, which led to rapid development in terms of infrastructure and real estate. Noida became a self- sustaining satellite town, with IT/ITES anchoring employment.