With no sign of turnaround, NCR real estate market on tight belt

The second of a three-part series looks at how the overall economic slowdown and govt action on the debt-laden builders have altered the real estate landscape of Gurugram region

Rewind to January 2013, when the Gurugram-Manesar region seemed like an ultimate real estate destination for fortune hunters. A broker, sitting in a non-descript room with his multiple mobile phones ringing non-stop, had told Business Standard about how the value of land was getting unlocked in this part of the national capital region of Delhi. 

On an average, a land-lot acquired for Rs 25 lakh an acre in 2003 was valued at anything from Rs 6 crore to Rs 15 crore an acre in 2013, he had pointed out while explaining the interest in several unsung and unknown areas beyond the