Property prices in Delhi, NCR region moved up by 17% in 1Q

New Delhi, 8 June: A study by, India’s no 1 real estate portal revealed that the property prices for the Delhi and NCR region has seen an escalation if we compare per square feet prices(PSF) of Q1-11 over Q1-10. This clearly reflects that the overall sentiment of the sector has improved drastically since the downturn and the property prices across the city have appreciated considerably.
Commenting on the same Vineet Singh, Business Head, said “Capital values in Delhi continue to move upwards even though the market seems to be in a phase of stagnation and lots of talk about imminent price reduction. But, even in Delhi we have seen the rate growth moderating to an average of about 15%, which is around 5% lower in keeping with the market sentiment. So, if the present trend continues we’ll see price stability in Delhi going forward. But, as of now I do not see any price reduction happening in the Delhi market. At its best the rates will stabilize.
A look at the property prices of key localities of Delhi show that Sarita Vihar and Rohini has seen a 27% and 20% appreciation in prices if we compare Q1-11 prices over Q1-10. The prevailing rates of the localities are at Rs.11345psf for Vasant Kunj and Rs.8133psf Mayur Vihar phase 1.
Dwarka, a subcity located around South West Delhi has witnessed property rates appreciate at a steady rate. The most important factor fueling the land rates hikes in this region is the Delhi Metro which has emerged as the turning point for real estate prices for this region. Sector 11 and Sector 2 saw prices appreciate by 28% respectively in Q1-11 over Q1-10. The price rise across localities has been within the range of 13% to 28%.
Noida also has gained a lot of popularity over the last one year primarily because of introduction of the metro rail services in this region which has made commute much easier and convenient. Sector 110 and Sector 93 of Noida has seen prices moving up by 16% and 11% in Q1-11 over Q1-10 and property prices are floating around Rs. 3372 psf and Rs. 5063 psf in Q1-11. Ghaziabad and Faridabad also witnessed appreciation in prices. Shalimar Garden in Ghaziabad saw prices dip by 7%, Nahar Par in Faridabad saw a marginal dip of 46% in Q-11 as compared to Q1-10.
Localities of Gurgaon also witnessed an upward trend in property prices. Properties located on the Sohna Road and DLF City Phase IV has seen the highest appreciation in prices with prices moving up by 46% and 42% respectively in Q1-11 over Q1-10. Localities like Sector 57 Guragon and Nirvana Country witnessed a 37% and 36% increase in prices in Q1-11 over Q1-10 with property prices floating around Rs. 4800psf and Rs.5553psf in Q1-11.

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