New is hot for posh Delhi

HT Estates - - FRONT PAGE - Cost of new floors with stilts Cost of old floors with­out stilts

Prop­erty deals in South and Cen­tral Delhi have also seen trac­tion this fes­tive sea­son. There is an in­crease in de­mand for new con­struc­tions in these mar­kets. An in­ter­est­ing trend that has emerged is that there is more de­mand for newly built stilted prop­er­ties ver­sus those that are over six years old a n d w i t h o u t s t i l t s , s ay prop­erty ex­perts.

There is a price dif­fer­ence in prop­er­ties that are new and stilted (apart­ments with park­ing avail­able un­der stilts) ver­sus old, non-stilt prop­er­ties and are older than six years. The lat­ter has seen dis­counted pric­ing. There is a dif­fer­ence of al­most 25% to 30% be­tween such prop­er­ties, says Shveta Jain of Cush­man & Wake­field.

To cite an ex­am­ple, a new stilt floor in De­fence Colony may cost around ₹ 8 crore to ₹ 8.5 crore ver­sus a non-stilt prop­erty in the same area which may cost around ₹ 6 crore to ₹ 6.5 crore.

“It is eas­ier to own older prop­er­ties in South Delhi be­cause of this and that is the rea­son why ac­tiv­ity in these mar­kets has im­proved. This has also made prices af­ford­able in these mar­kets,” she adds.

IMAGESBAZAAR

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