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Real Estate Delhi: South Witnessing A Mild Depreciation In Rates
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Delhi, India's capital city, is notorious for showing a continuous escalation in its price rates, which can be attributed to world-class infrastructure, availability of mod cones, and a good potential for reconstructions. Major developers as well as builders have taken real estate Delhi as their major play-field. It is the upper-middle and the elite segments that have kept the prices all high, thanks to a steady demand from them. Contrastingly, a drop was witnessed in the second quarter of 2013, in major localities of South Delhi
Take, for example, the plush colonies like Saket and Defence Colony: the prices are always on a high here. But currently, they too are facing a slump in the capital rates. The souther region is largely occupied by very affluent class, who have incomes in six figures, and disposable enough to invest on property buying. But, it was only recently that these localities saw a depreciation in rates, thanks to the all-new Farm House Policy floated by the authorities.
As per the policy, DDA announced that 26 lowly populated villages in Delhi shall see the development of high-end farm houses. This caught the attention of all those buyers who were planning to buy the farm-houses in South Delhi localities. As they were getting 1-acre top-notch farm houses by spending less, they changed their focus to these scantily developed areas. The result is all there to see: the property for sale in Delhi at Saket has gone down by 14%,; at Defence Colony, the flat rates have depreciated by 9%. This can be seen as the ripe opportunity for those who want to make a purchase in South. The mean psf (price/sq. ft) rate in South Delhi in August, 2013 is recorded as Rs. 13233/ sq ft., an appreciable drop from Rs. 17208/- in August, 2012.
If the trends for real estate in Delhi in the other localities are taken into consideration, we see that the rates are witnessing a depreciation there. The market analysis shows that a slump of 3% in the prices has taken over past one year. One of the reasons was the slow pace at which new constructions are coming into being. But the market is still stable and the prices have not fallen much. The values have remained steady in areas including Dwarka, Vasundhra Enclave, and Kailash Colony. Towards the East, the real estate has got a good boost of about 9% over past one year, while North Delhi saw an appreciation of 4%.
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