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
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.