DELHI NCR REGULATORY MAP • ONE INTEGRATED MARKET

The Delhi NCR — One Market, Four Regulatory Frameworks

Delhi NCR functions as an integrated property market, but valuation assignments cross four distinct jurisdictional environments: Delhi, Haryana and Uttar Pradesh, each with its own circle-rate structures, RERA framework, development authorities and comparable evidence.

HARYANA Gurugram

UTTAR PRADESH Noida / Greater Noida

HARYANA Faridabad

UTTAR PRADESH Ghaziabad

THE CORE VALUATION QUESTION Same NCR market does not mean the same valuation framework.

PREMIUM NCR MARKET

Gurugram — Haryana RERA and the premium NCR market

Gurugram is Delhi NCR’s most commercially active real estate market and the dominant office and high-end residential market in the NCR outside Delhi itself. Haryana RERA (H-RERA) governs Gurugram’s residential project registrations and possessions.

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CIRCLE RATE STRUCTURE

Sector-by-sector valuation context

Haryana’s District Collector publishes Gurugram circle rates by sector. Premium sectors such as DLF Phase I–V, Golf Course Road, Sectors 53–57, Golf Course Extension Road and Sohna Road can have materially different rate characteristics from mid-market sectors and peripheral development areas.

PREMIUM DLF Phase I–V

Branded residential and established premium micro-markets.

PREMIUM Golf Course Road

Sectors 53–57 and high-value residential development.

GROWTH Golf Course Extension

Expanding premium residential corridor.

PERIPHERAL Manesar / Pataudi Road

Distinct development and market characteristics.

EPFO

INSTITUTIONAL ENGAGEMENT

EPFO / N.B.C.C. Ltd — Sector-44, Gurugram

A2Z Valuers’ engagement for EPFO and N.B.C.C. Ltd in Sector-44, Gurugram represents a direct expression of the practice’s institutional experience within the Gurugram market.

MARKET-SPECIFIC CONSIDERATION THE DLF PREMIUM

DLF Group’s branded residential products — DLF Phase V, DLF Aralias, DLF Magnolias and DLF Camellias — can carry a brand premium over non-DLF comparables within the same sub-market.

COMPARABLE + LOCATION + PRODUCT + BRAND PREMIUM → FMV ANALYSIS

Valuation focus: The assignment should distinguish between Haryana regulatory requirements, sector-specific circle rates, project characteristics and actual comparable evidence rather than applying a generic NCR rate.

PLANNED CITY / EXPRESSWAY MARKET

Noida and Greater Noida — UP RERA and the Expressway market

Noida (New Okhla Industrial Development Authority) and Greater Noida are planned cities developed through a sector-based development layout. UP RERA governs residential project registrations within the jurisdiction.

CIRCLE RATE STRUCTURE

Sector-based Gautam Buddh Nagar framework

UP District Collector rates for Gautam Buddh Nagar cover Noida sectors by category. The Noida Expressway corridor and earlier-developed sectors can demonstrate materially different market characteristics.

EXPRESSWAY CORRIDOR Noida Expressway

Broadly covering the developing sector belt extending through the southern Noida corridor.

ESTABLISHED Earlier Noida Sectors

Established sector markets with their own comparable evidence.

GREATER NOIDA Greater Noida West

Noida Extension and its high-rise residential market.

GROWTH CORRIDOR Yamuna Expressway

Distinct development authority and corridor considerations.

DOMINANT MARKET CHARACTERISTIC

The builder-flat dominated market

Noida and Greater Noida’s market is heavily represented by high-rise builder flats. Independent houses and plots are concentrated in specific planned sectors.

BUILDER FLAT FMV FOUR VARIABLES

01 Completion Status

02 Builder Reputation

03 Project Evidence

04 Authority Completion Status

Valuation focus: A Noida or Greater Noida flat cannot be assessed only by multiplying an area by a broad locality rate. The project, completion position, authority status, builder and comparable evidence can materially influence the assignment.

CHARACTERISTIC THREE

Faridabad & Ghaziabad — the industrial NCR cities

Two major NCR cities with distinct local markets, while remaining directly connected to Delhi’s wider residential, commercial and investment decision-making.

HARYANA

Faridabad

NH-44 Old Faridabad NIT

Faridabad is Delhi NCR’s industrial anchor, with the National Highway 44 corridor, Old Faridabad, NIT Faridabad and extensive residential sectors including the Sector 15–85 belt.

Its residential market demonstrates stronger owner-occupation and self-construction characteristics than some of the high-rise and premium-project dominated markets of Gurugram or Noida.

UTTAR PRADESH

Ghaziabad

NH-9 Delhi–Meerut Metro

Ghaziabad is a transit-oriented NCR market spanning established localities such as Indirapuram, Vaishali and Kaushambi and newer development areas including Raj Nagar Extension and Crossing Republik.

The Delhi Metro’s extensions have become an important comparable-market consideration, with metro accessibility and station proximity affecting the evidence used to understand values in connected localities.

NCR

THE NCR INTEGRATED MARKET

Separate regulation. Direct buyer comparison.

Despite their regulatory separation, Faridabad and Ghaziabad properties are directly compared by buyers considering Delhi versus NCR alternatives. Location, connectivity, property type, tenure, project characteristics and jurisdiction-specific evidence therefore need to be considered together.

DELHI NCR VALUATION FRAMEWORK

One metropolitan market. Four regulatory realities.

A Delhi NCR valuation assignment should begin by identifying the correct jurisdiction, authority, circle-rate framework, RERA context, property type and comparable evidence. A2Z Valuers provides NCR valuation coverage from its Connaught Place, New Delhi practice.

01 Gurugram Haryana Haryana RERA

02 Noida / Greater Noida Uttar Pradesh UP RERA

03 Faridabad Haryana Haryana RERA

04 Ghaziabad Uttar Pradesh UP RERA

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