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Delhi Property Skyrocketing Rates
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With the skyrocketing prices of Delhi real estate many builders and real estate developers are not seemingly too keen to launch any new projects in the coming years. Many migrants have moved to the city which has led to sharp rise in the rates of Delhi real estate. Many NRI's have also sought to invest in flats in Delhi which has led to acceleration of prices. Investing in flats in Delhi is generally seen as a safe option as people feel that prices in real estate in Delhi, NCR will always rise.
The capital city carries stupendous infrastructure and the mod cons expected of a metropolitan city. But with the scope of any future development rendered almost nil, buyers, specially those who see residential property in Delhi as a long-term investment, are very few. In fact, the present market is not at all favorable to the investors and the scope is left only for the end-users. The market analysis says that there has been a decline in property launches. DDA, on the other hand has given nod to the development of 10 lakh new houses by 2021, in order to cater to the sharp increase in population. These contrasting situations indicate that the market trends are more in favor of immediate users rather than the investors.
While the factors like connectivity and price appreciation seem to be working in favor of property Delhi, the sale of properties is facing a slack, specially in southern region of the Capital. The demand for real estate in Delhi, NCR, including in areas like Defence Colony and New Friends Colony, is crumbling. An average buyer is unable to afford even a small plot, with the prices ranging in crores. To allure customers in these areas, developers are making discount offers and trying to bring in more amenities too. But, that too is not bringing in the desired results.
An interesting point to note is that the lack of users' interest has not led to the developers slash the property rates. They fear that by doing so, the real estate bubble shall burst so much so that the market shall collapse completely. What's the result? The number of inventories lying unused is pretty high. With no takers, the prices are not going to see correction anytime in near future. If the rates get depreciated, then there shall be any chance for end-users buy Delhi property.
Makaan.com is India's fastest growing Indain real estate site where one can search for real estate in Delhi NCR. On the property site one can search and sort apartments, floors, plots, bungalows, shops, and other commercial spaces for buying and renting purposes.
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