This is the best time to buy property in Delhi. Prices of properties have fallen 20% to 30% over the last one year.

Vibhor, Delhi

30th December 2014

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Hi Mr Vibhor,

According to me, even in not so prime areas such as Chittaranjan Park, brokers say apartments that were quoting at Rs 2.4 crore are now available for Rs 1.8 crore. While piling up of inventory is a major culprit, the recent decision by the government to increase circle rates in the capital has also impacted sales. Buyers clearly have the upper hand, and are negotiating favorable payment terms of up to six months from the standard three months so far. Many buyers and investors are waiting for further correction.

Pranab Malakar, Delhi

30th December 2014

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@ Vibhor,

Also, people do not have the kind of confidence on getting returns from real estate that they did earlier. That confidence is back in the securities market but not here. As a result, a lot of residential apartments in areas such as Vasant Vihar, Defence Colony, Greater Kailash, New Friends Colony, Panchsheel Park and Gulmohar Park are lying vacant, increasing the stress. Some brokers say the situation is showing signs of improvement.

Nikhil Agarwal, Delhi

30th December 2014

Hi Vibhor,

In my point of view, the market is still slow, there is slight improvement since the new government has been sworn in. Sellers were asking for unreasonable prices during the peak. Now both sellers and buyers are becoming more rational because of which deals are starting to happen.

Tushar Surendren, Delhi

30th December 2014

Hi Vibhor,
As per my knowledge, many people are desperate to sell today as they need money for alternative use. These people are willing to sell at a much lower profit. In a recent deal, an apartment built on a 1,200 square yard plot in Delhi's posh West End area was sold for Rs 13 crore. The sellers were asking for Rs 17-18 crore a year back. During the peak, it would have sold for around Rs 22 crore.

Sufia, Delhi

30th December 2014

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Hi Mr Vibhor,

Every builder today has unsold inventory. Many of them are unable to hold on to this inventory anymore as they are strapped for cash. There is a correction because buyers are taking time to decide. They are still waiting. In Gurgaon's Phase 1 area, a second floor apartment has been sold for Rs 1.72 crore to an end user, down from Rs 2.25 crore that the seller was asking for some time back.

Raj Roy, Delhi

30th December 2014