Difference Between NCT and NCR Real Estate IndustrySamar Javed13 December 2019
The population of Delhi is soaring to reach a new high. It is the world’s second-largest populous conglomeration. A report from the United Nations says that Delhi might become the populous city in the world by the year 2028. World Urbanisation Prospects 2018 report from the UN department of economic and social affairs’ population division suggests that the population of Delhi and its neighbouring places are assessed to be around 29 million, which is second to Tokyo with a population of 37 million people. It is said that Delhi might overtake Tokyo by 2028.
What are NCR and NCT?
Not many people are aware of the fact that the NCT full form is national capital territory, and NCR stands for the national capital region are two distinctive geographical limits. Administration, politics, taxation and the real estate are varying and possess various rules and regulations to follow. Below are some of the major differences between the Delhi capital region and the national capital territory of India that you should know as a home buyer if you are about to invest in real estate.
Commencement of NCR
The beginning of NCR can be pinned down to the year 1962 when the first recommendation for the Master Plan of Delhi was initiated. The major goal was to lessen the trouble of ever-increasing Delhi population and the rising demand for additional space due to broad-scale industrialization. Thus, Haryana, Uttar Pradesh and Rajasthan, the neigh boring states were taken into consideration for expanding satellite cities of the nation’s capital. Noida, Ghaziabad, NCR Gurgaon and Faridabad were considered for enlarging the NCR region. Is Delhi is a state or a union territory a typical question in the minds of most people. It typically is not a union territory but has Vidhan Sabha constituencies of its own that have electing to happen once in every 5 years. Delhi is battling to become a complete state.
With the NCR region’s inception, the city has found a way to relieve its burden of ever-growing demands from government establishments to corporate bodies. After globalization hit the Delhi landscape, the city required additional expansion and superior infrastructure to meet the demands. But, with the help of satellite cities that were developed in Noida and Gurugram, this issue was resolved to a good degree. The majority of the offices of the government have found their place in these cities, including domestic and international companies, as well.
Corporate bodies and MNCs have started looking towards Delhi since the city has excellent manpower and skill full-bore resource. The Delhi NCR region has become the hub for major companies such as BPO, IT, ITES or other services or manufacturing industries. Higher connectivity and enhanced infrastructure between NCR and Delhi have made life much easier for people who travel to reach their work environment. New flyovers and roads ensure that travelling is easy and stress-free from Delhi to all the satellite cities.
Due to its immediacy with New Delhi, there has been an incredible development in the economy and infrastructure of the Delhi NCR cities. However, the landscape has transformed totally with the erection of new skyscrapers, shopping malls, flyovers, and roads. Contemporary style residential circles have been constructed with luxury apartments, bungalows and flats. Commercial offices and buildings are on the rise too due to the mounting demand from domestic and foreign companies.
Dissimilarities in NCT Vs. NCR Geography
NCT is a union territory of India that holds special status and is ruled by the central government and the NCT Delhi government. The total NCT region has 11 districts, 59 towns, and 300 villages approximately. The national capital territory is governed by three different municipalities, such as New Delhi Municipal Corporation, the municipal corporation of Delhi, and Delhi cantonment board. Conversely, the national capital region is situated around NCT that includes cities like Noida, Faridabad, Ghaziabad, Gurugram etc. Most recently, the NCR was expanded to Meerut, Sonipat, Bahadurgarh etc. There is no authorized jurisdiction offered to NCR; in reality, they are expanded to reduce congestion in the NCT area. While Noida and Ghaziabad are well-known Uttar Pradesh cities, Faridabad and Gurugram are cities from Haryana.
Dissimilarities in NCT Vs. NCR Property Market
There are huge variations in the real estate of the national capital region and the national capital territory. Due to the RERA implementation, every state has its separate real estate regulatory authority. For instance, Noida belongs to the Uttar Pradesh division that needs to abide by the rules, regulations and laws of UP-RERA, while Faridabad being the division of Haryana, should follow the rules imposed by RERA of Haryana state. Similarly, the NCT real estate market has its RERA that has to administer the rules of the union urbane development ministry.
Unavailability of affordable homes in NCT
An additional distinction between the national capital region of Delhi and the NCR real estate market is that colonization is not permitted in Delhi. In Gurugram and Noida, the developers can build huge townships, but it is not the same in NCT. The reasonably priced properties are available only in unapproved or illegal Delhi communities and in divisions where developments are still in progress. Buying a house in posh NCT colonies like Hauz Khas, Khan Market, MayurVihar, Lutyens Bungalow Zone, and Greater Kailash is a far-fetched thing for homebuyers belonging to the middle class.
NCR national capital region has satellite towns wherein a homebuyer can locate homes at affordable prices. Owing to the affordability factor, employment possibilities and commercial and residential property development, the NCR real estate market is expanding at a rapid rate every day. Indirapuram, Noida Expressway, Dwarka Expressway located in Ghaziabad and Noida, sector 70s in Gurugram, Greater Noida West, are some of the major significant NCR residential centers.
NCR offers a healthier lifestyle
The NCT has turned out to be congested which is why people are finding it hard to find an abundant garden in the surrounding. It is due to this reality that people from Delhi have started relocating their living to NCR to get a healthier standard of living. The NCR residences have become townships or developed to resemble townships, and thus possess primary amnesties such as swimming pool, kids play area, gymnasium, clubhouse, and parking, which you don’t find in the NCT region.
However, both NCR and NCT are diverse in their ways. NCT possesses better administration, management and remains to be Indian politics’ epicentre; on the other hand, NCR is appropriate for peaceful people who look for a budget-friendly accommodation.