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Current Market Scenario For Properties In Delhi Ncr
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The real estate scenario in India witnessed a major slack in 2013 and almost every tier-1 city has felt the Achilles Heel, in some way or the other. In Delhi NCR, the land prices went up by about 25% in 2013, and this repelled buyers significantly. Residential prices attenuated by 8% on account of oversupply situation. Still, property market in Delhi NCR has not really lost the game. There have been some positive developments that have kept it hold in market intact. Let's have a look over these.
Market for property in Delhi NCR got a good boost during first quarter of 2013. During Jan-March, the demand for office lease space increased threefold: A higher absorption of IT/ITeS firms resulted in this noticeable change. Delhi and Gurgaon have been the cities of NCR that has drawn most demand for office spaces.
Another factor that has kept real estate in Delhi NCR rolling is the continued interest of investors. As against tier-2 and tier-3 cities, where there is a little scope of getting good returns, tier-1 cities of Delhi NCR have proved more promising and revenue-generating. Excellent infrastructure and prospects of future development have diverted attention of realty investors.
Properties in Delhi continue garnering attention of eminent developers and builders. The latest to join the wagon is Godrej Properties. The company is keen on foraying in Noida, a city where it has no previous establishments. In 2013, it had ventured its 5-acre luxury project at Okhla, Delhi. The company has also geared itself for its three housing projects in Gurgaon. Earlier, it announced its 150 crore housing project in the same city. Spread over 4.5 acres, this project shall come up with about 300 apartments.
Radisson Hotel's concept-based project, First Inn Park, has become functional. The project, rolled out by Carrson Rezidor, has become operational in Bilaspur, near Gurgaon. Comprising of 98 luxury apartments and villas, the project shall cater to the needs of tech-savvy generation.
Real estate Delhi NCR prices are all set to see appreciation in mid-2014. In light of the current elections, the buyers are deferring from making any purchase. The property prices in the region have already soared. Another boost in the rates can push the buyers even further. So, for property-seekers, this can be the best time to make a purchase. How the events turn out in future is yet to be seen, however.
Makaan.com is a major real estate portal that features 1, 2, 3 BHK property for sale in Delhi. Look for under-construction and ready-to-move-in property in Delhi NCR across variable price brackets and area of construction.
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