New is hot for posh Delhi
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.