South Delhi market under pressure
Prices in Vasant Vihar, West End correct by 25% to 30%
Prices of builder apartments in tony areas of Vasant Vihar, West End, etc have dropped by over 25% since the announcement of the farmhouse policy, say experts.
The slowdown has also brought down real estate prices by 25%. Rajiv Mishra of Money Care Homes Pvt Ltd says the price of an independent house available in Vasant Vihar has come down to ` 22 crore from ` 30 crore. Manuj Oberoi of Big Deal Associates says that buyers are now investing in the green belt areas instead of the posh south Delhi localities because of lower circle rates and high returns.
Last year, if a property was commanding a price of ` 12 crore, today it costs ` 8crore. These are apartments of 2,000 to 3,000 sq ft on plots of 400-600 yards. A farmhouse promises bigger units and a better lifestyle. While a builder floor in Delhi costs anything between ` 5 crore and ` 30 crore, a oneacre farmhouse will cost anything between ` 10 crore and ` 50 crore per acre.