Delhi NCR re­mains ‘stag­nant’

Prices in Noida’s sec­tors 74 and 134 in­creased by 10% and Dwarka’s Sec­tor 17 wit­nessed an ap­pre­ci­a­tion of 9%, says a re­port PRICE TRENDS

HT Estates - - HTESTATES - HT Es­tates Cor­re­spon­dent

The rental mar­ket in Delhi NCR per­formed bet­ter than the cap­i­tal mar­ket, record­ing an an­nual growth of 3% in the first quar­ter of 2015 as com­pared to Oc­to­ber-De­cem­ber 2014, says a 99acres.com quar­terly re­port fo­cus­ing on cap­i­tal and rental price trends in the res­i­den­tial real es­tate mar­ket across seven ma­jor cities of In­dia.

Prop­erty prices in Delhi NCR wit­nessed a mar­ginal growth of 1% per sq ft in Jan­uary- March 2015 over Oc­to­ber- De­cem­ber 2014. Rental val­ues went up by an av­er­age 3% in the Jan­uaryMarch quar­ter as com­pared to the same quar­ter last year. Sup­ply of res­i­den­tial units dipped from 71% in Oc­to­berDe­cem­ber 2014 to 64% in Jan­uary-March 2015. Houses with 3BHK units con­tin­ued to be the most popular con­fig­u­ra­tion of Delhi NCR’s in­ven­tory.

Com­ment­ing on the re­port, Narasimha Jayaku­mar, chief busi­ness of­fi­cer, 99acres. com, said, “Real es­tate sen­ti­ment in Delhi NCR re­mained som­bre with sev­eral projects em­broiled in legal and de­liv­ery is­sues. How­ever, with ex­pan­sion of the metro net­work, the state gov­ern­ment’s ef­forts to reg­u­larise il­le­gal colonies and pro­posal to con­struct more af­ford­able hous­ing op­tions, the real es­tate story of the city is ex­pected to im­prove in the com­ing quar­ters.”

Dwarka’s Sec­tor 17 was the top grosser in Delhi wit­ness­ing an ap­pre­ci­a­tion of 9% in cap­i­tal val­ues in the first quar­ter of 2015. This sec­tor was closely fol­lowed by sec­tors 4, 9, 10, 12 and 13, which clocked an in­crease of 8% each dur­ing the same time span, the re­port said.

Rid­ing on the wave of new Un­sold in­ven­tory and legal hur­dles dented cus­tomer sen­ti­ments, although the Delhi Gov­ern­ment’s de­ci­sion to reg­u­larise il­le­gal colonies in the city brought some cheer The UP Hous­ing and Devel­op­ment Board and the Delhi Gov­ern­ment came up with plans to de­velop bud­get hous­ing op­tions Most sec­tors in Dwarka sub-city were the high­est grossers in terms of cap­i­tal val­ues due to its af­ford­abil­ity quo­tient road in­fra­struc­ture, Greater Kailash I and La­j­pat Na­gar recorded a spike of 8% in the quar­ter end­ing March 2015 ver­sus the pre­vi­ous quar­ter.

East Delhi lo­cal­i­ties such as Va­sund­hara En­clave and Pat­par­ganj saw a dip in prop­erty prices to an ex­tent of 1% to 2%. How­ever, ro­bust en­quiries kept the mar­ket buoy­ant.

Plans to con­struct the metro cor­ri­dor in Greater Noida failed to give a fil­lip to the mar­ket. Sec­tors Beta 2, Zeta, Pi I and II and Omi­cron saw prices dip­ping by 6-15%. In Noida, sec­tors 74 and 134 emerged as the top per­form­ers in the zone, with 10% in­crease in cap­i­tal prices.

Cap­i­tal val­ues in Ghazi­abad plateaued in the Jan­uaryMarch 2015 and Oc­to­berDe­cem­ber 2014 quar­ters de­spite the launch of var­i­ous low and mid-range hous­ing so­ci­eties. Boasting of wellde­vel­oped so­cial in­fra­struc­ture, Ahinsa Khand 1 was the top grosser with 7% spike in prop­erty prices.

New Gur­gaon wit­nessed a mas­sive surge in prop­erty val­ues with prices in­creas­ing by 11%. Prices in Bhi­wadi and Farid­abad re­mained stag­nant, while that in Gur­gaon crawled up by 1%. Amongst the top non-per­form­ers in this zone were Mane­sar in Gur­gaon and Sec­tor 88 in Farid­abad which recorded a price dip of 10% to 11%.

As far as the rental mar­ket was con­cerned, the top per­form­ers were Dwarka’s sec­tors 4, 10, 18A and 18B, where rental val­ues in­creased by 15% to 23% in a year. Pre­mium lo­cal­i­ties such as De­fence Colony, Vas­ant Vi­har and Anand Nike­tan from South Delhi recorded a drop of 12% to 16%.

Sec­tors Zeta and Zeta I in Greater Noida were top grossers, wit­ness­ing 14% an­nual hike. Rental val­ues grew as a re­sult of price fea­si­bil­ity and avail­abil­ity of am­ple prop­er­ties in both fur­nished and semi-fur­nished con­di­tions. Hap­haz­ard traf­fic move­ment and avail­abil­ity of af­ford­able prop­er­ties in more de­vel­oped neigh­bour­hoods led to a drop in rental rates in Sec­tor 62, Noida by 10%. Ab­sence of public trans­port and lack of so­cial in­fra­struc­ture ad­versely im­pacted the rental mar­ket of Sec­tor 119, which saw prices dip­ping by 8%.

Ghazi­abad saw de­mand for rental prop­er­ties leap­ing by 5% as com­pared to the pre­vi­ous year. Lo­cated op­po­site the industrial ar­eas of Noida, Sec­tors 62 and 63, Vaib­hav Khand in Indi­ra­pu­ram recorded the max­i­mum hous­ing de­mand and there­fore the high­est spike in rental rates to the tune of 25%.

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