Booming neighbourhood

The Economic Survey 2012-2013 declares the per capita annual income in the national capital increased by nearly 16 per cent to Rs 2.01 lakh in 2012-2013 compared to the previous year and the government sees this as proof of the city being on road to prosperity. But the same report in a chapter on employment and unemployment reflects on how 6.43 lakh people, including 1.65 lakh professionals, were registered with the employment exchanges in Delhi in 2011 alone.

Delhi is an important cultural, business as well as political hub of the country. The Union and Delhi governments are a major source of employment and the city is also home to important medical and educational institutions. It is a major tourist spot. It is a fact that Delhi is often categorised as a ‘service town’ however, industry is rapidly shifting to the National Capital Region (NCR) which has first-class Indian and international chains to accommodate tourists from all over the world. When the Supreme Court issued an order to shift all polluting factories from residential areas, it spurred development of areas such as Faridabad, Ghaziabad and Noida in NCR. The cities started providing better job opportunities. Within a decade Gurgoan emerged as the Information Technology hub. The blue-white collars including skilled and unskilled persons have been absorbed in multinational companies such as Hero, Honda, Zillets, Coke, Pepsi,  Escorts Mahe (Germany), Execy cheekay (Japan), FCC Rico (Japan) and Ferodo (UK). Of the eight lakh persons employed in these companies, around 2.5 lakh come from Delhi every day. In Greater Noida, Pari Chowk has been developed as an educational hub. Several business management institutes and engineering colleges have come up in the area. Similarly, in Noida some major multinational companies such as HCL, Infosys, Birla Software, Reliance, Airtel and T-Series have already set up infrastructure. Delhi chief minister Sheila Dikshit repeatedly says that almost 5 lakh people come to Delhi every year and work here. ‘Those who come to Delhi get jobs here and never go back. Delhi is mini India,’ Dikshit has maintained. The Economic Survey, 2012-2013, indicates that unemployment binds both blue and white collar workers, the data reflects a worrisome trend where the number of unemployed people registered at exchanges was 4.93 lakh in 2010. This figure shot up to 6.43 lakh in 2011 – a big jump indicative of how it is getting increasingly difficult to get jobs in Delhi. However, the number of unemployed registered with employment exchanges was 10.5 lakh in 2002. This came down to 6.36 lakh in 2004, 4.51 lakh in 2007, 5 lakh in 2008, 4.14 lakh in 2009 and 4.93 lakh in 2010. Delhi Development Authority could not provide adequate homes to those coming to Delhi leading to a mushrooming of unauthorised colonies, resettlement colonies and JJ slum. Currently, more than 60 per cent people are living in unauthorised and resettlement colonies, while DDA has acquired 28 thousand hectares land for housing development.

Real estate in Delhi-NCR continues to be a favoured venture for investors, developers and non-residents Indians, encouraged largely by investor-friendly government policies and globalisation. 

Real estate investors are developing satellite township in Greater Noida, Ghaziabad, Gurgaon, Alwar, Rewari, Manesar, Neemrana, Bhiwadi, Bhiwanki and Bharatpur. While, in Delhi co-operative housing society has been banned for a decade. Some of the prominent developments have included the opening of industries worth Rs 3,000 crore in Bawal, a car plant of Honda Siel in Kurukshetra, the Japanese corridor, and a railway corridor. Over 5,000 medium and large factories are driving commerce in the region. Proximity to the yet-to-be constructed KMP Expressway and location on the NH8 are added advantages.