Festive season updates on NCR real estate market
This festive season has boosted the real estate market scenario of Delhi-NCR. Every micro-market has shown a different level of improvement.
South Delhi
South Delhi’s property market has only witnessed a marginal growth in terms of capital values and rentals in the first half of the current fiscal. The slow growth here can be attributed to the recent hike in circle rates in various zones.
The realty market has witnessed almost a constant supply and demand while the revision of circle rates has had its effects. The revision of circle rates has resulted in a cash crunch scenario the market curbing the buying potential of many people. As expected, this has even led to appreciation in real estate prices in South Delhi. The price range of residential properties in South Delhi approximately lies within Rs 24,000-32,000 per sq ft.
However, some areas in South Delhi such as Hauz Khas, Green Park, Saket, Greater Kailash 1 and Greater Kailash 2 have not seen much change in prices in the last two years.
Gurgaon
Over the past two years, many micro-markets in Gurgaon have recorded a major time value correction of residential properties. Luxury apartments in Gurgaon that used to cost around Rs 16,000 to Rs 25,000 per sq ft have now been priced at around Rs 25,000-33,000 a square foot.
Golf Course Road
The price range of multi-storey apartments on Golf Course Road is around Rs 12,000 to 16,000 per sq ft while they were priced around Rs 8,000-9,000 sq ft two years ago.
Mehrauli-Gurgaon Road
The Mehrauli-Gurgaon Road currently offers residential apartments in the price range of Rs 10,000 to 12,000 per sq ft as against an average of Rs 8,000-9,000 per sq ft in 2011.
Golf Course Extension Road
Residential apartments on Golf Course Extension Road in Gurgaon are currently available within around Rs 8,000 to Rs 13,000 per sq ft, while the corresponding figures two years ago were Rs 6,000 to 9,000 per sq ft. The supply of new projects is abundant in this stretch and the rate of appreciation of properties is also significant.
Sohna Road
The properties on Sohna Road have witnessed a hike of around Rs 2,000 to 2,500 per sq ft in the past two years. At present, the price range is about Rs 9,000-9,500 sq ft.
It is not only the traditional areas in Gurgaon that have been observing growth in terms of real estate values in this festive season. But also there are few other new micro-markets in Gurgaon emerging as promising realty hotspots of Gurgaon in the recent times.
Dwarka Expressway
Dwarka Expressway has seen over 50 percent appreciation in property rates compared to those in 2011. It presently offers properties in the range of Rs 6,000-8,000 per sq ft.
Southern Periphery
Properties in Southern Periphery are available with a price tag varying between Rs 6,000 to 7,000 per sq ft when compared to the price range of Rs 4,500 to 5,500 per sq ft two-three years ago.
Southern Periphery holds huge growth potential, as it is a major hotspot for affordable housing options. Connectivity will get a boost with the proposed widening of Golf Course Road, underpass and expressway, which would further give a boost to the realty market.
Gurgaon real estate prices may remain constant
However, since the realty market of Gurgaon is much stabilised, no more appreciation in capital values is expected in the near future. It has not been luring short-term investors anymore. The once-popular investor-driven market now seems to have settled down as an end-user market. The main concern for the developers in NCR is to accelerate the sales and to ensure this, they have been offering many exciting offers to their buyers. Due to the festive season, many residential markets have been showing a positive buyer sentiment that gives a sigh of relief to the developers.
