Delhi NCR hous­ing prices re­mained steady till Sept

Prices of res­i­den­tial prop­er­ties in many parts of NCR have not changed due to a sit­u­a­tion of over­sup­ply and low de­mand

HT Estates - - HTESTATES - HT Es­tates Cor­re­spon­dent

Prop­erty prices in the Delhi NCR re­gion re­mained sta­ble dur­ing the July-Septem­ber quar­ter and square foot prices re­mained un­changed when com­pared to the pre­vi­ous quar­ter, a re­port re­leased by prop­erty web­site 99acres re­veals.

“Anal­y­sis of price trends in the pre­vi­ous quar­ter re­veals that the Delhi NCR real es­tate mar­ket is slug­gish and in­vestors are still cau­tious,” says Neeraj Sharma, se­nior vice pres­i­dentsales, 99acres.com.

In­ter­est­ingly, av­er­age rentals have de­creased by about one per­cent in the last quar­ter. A com­par­i­son of the sec­ond quar­ter of this year with last year’s cor­re­spond­ing quar­ter re­veals a 2% fall in prices per square foot. The rentals of three bed­room flats saw a 1% dip.

“Real es­tate sup­ply in west Delhi saw a triple digit growth whereas sat­u­rated mar­kets of south Delhi grew by 76% owing to the emer­gence of brand new lo­cal­i­ties,” the re­port added.

With re­spect to apart­ments, Va­sund­hara and Vaishali in Ghazi­abad saw a cap­i­tal value de­cline of 10% and 6%, re­spec­tively (quar­ter on quar­ter).

Res­i­den­tial apart­ments at Pi­ta­m­pura and Ut­tam Na­gar in north-west Delhi and Greater Kailash and Saket in south Delhi have shown an up­ward move­ment. Greater Kailash II has been the fron­trun­ner in cap­i­tal value growth in this part of the city with 14% cap­i­tal growth.

Sec­tor Omi­cron 1 grew by 22% quar­ter-on-quar­ter due to ris­ing oc­cu­pancy lev­els. Many projects are ap­proach­ing ma­tu­rity and builders have started of­fer­ing pos­ses­sions, the re­port re­vealed.

Over­sup­ply and de­creased sales of res­i­den­tial prop­er­ties in Noida Ex­ten­sion have re­sulted in static prices in the re­gion. “No sub­stan­tial price ap­pre­ci­a­tion is ex­pected here be­fore the com­mence­ment of metro work in 2017,” the re­port sug­gested.

Gur­gaon’s Sec­tor 31, South City 1 and Sec­tor 68 have emerged as the top gain­ers of the quar­ter. Sec­tor 31’s close­ness to Huda City Cen­tre metro sta­tion and the prox­im­ity of Sec­tor 68 to the Sohna-Gur­gaon road worked won­ders for th­ese ar­eas. Sec­tors-76, 77 and 87 in Farid­abad too per­formed well due to their prox­im­ity to Delhi and the main by­pass road.

Land prices in Sohna saw a 57% jump post an­nounce­ment of the Sohna Master Plan-2031 last year.

There was good news for those in­vested in Ne­harpar ar­eas in Farid­abad, which wit­nessed a 70 % growth due to en­hanced de­mand for apart­ments and builder floors.

FILE PHOTO

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