Delhi Property prices iincreased by up to 28.02 per cent in the January-March period this year in comparison to the year-ago period according to a leading expert Vineet Singh.

imminent price reduction coming
“Capital values in Delhi continue to move upward even though the market seems to be in a phase of stagnation and (there is) lots of talk about imminent price reduction,” Singh said in a statement.

28.02 per cent increase in Dwarka
According to the study, prices went up by 28.02 per cent in Dwarka Sector 11 to Rs 7,100 per square foot during the quarter ended March 31, 2011, from Rs 5,546 per square foot in the same period last year.

Delhi Metro fueling price hikes
The most important factor fuelling the land rate hikes in Dwarka is Delhi Metro connectivity, which has “emerged as the turning point for real estate prices” in this region.

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Property prices in Mumbai and New Delhi are set to decline by almost 15 to 20 per cent in the next couple of months, according to an Indian real estate consultancy.

15-20% Fall expected
“A correction is likely to happen in Mumbai and New Delhi property prices. We believe the fall could be in the range of 15 to 20 per cent in the next few months. However, property prices in the tier II and III cities have been stable and likely to increase over the years,” said Mr Naik, Managing Director, Disha Direct.

Indian property buyers and investors want to play it safe these days. What with the downturn hangover still persisting, plus the fact that even reputed Indian builders deliver project at a minimum six to seven months past the promised delivery date, the perception of the current buyer looking for houses and apartments in India is to invest in ready-tomove-in rather than launched (on paper) projects.

Property in Delhi www.navyroof.com

Ready-to-move-in costs are clear
The other reason for the preference for ready-to-move-in property in India is attributed to the cost being transparent and spelt out in the beginning.The consumer can visit the property and determine the viability of investment as well as avail tax exemption in a ready flat.However, developers argue that if a project under construction offers an escalation-free price for the apartment, penalty clause for delayed delivery by the developer and construction-linked payment plan then the buyer gets a distinct price advantage as compared to a ready-to-move-in property.

What are your thoughts on this, which do you prefer? Post a comment below

The Gurgaon real estate market has witnessed rising values to the tune of almost 30% since the downturn of 2008. This was at a time when it was raining affordable properties in other parts of the NCR. So what makes property in Gurgaon so popular?

Property in Gurgaon, NCR, Delhi www.navyroof.com

Sales of property in NCR rising
Aditya Bansal of the ABW Group who build property in Gurgaon was a chance to engage in integrated development after years of making their mark as developers of small, luxury properties in South Delhi. He says: “We believe that with the revival of real estate in India, the sale of residential property in the NCR region have gone up and are growing with time. The newly launched projects are also receiving overwhelming response from end users. This fast recovery of Indian real estate in the past few months, rising interest of customer and launch of state-of-art projects in this area is a testament of increasing confidence of customers in the NCR residential property segment.”

Metro driving Gurgaon property prices
The advent of the Metro has definitely given a boost to the growth of Gurgaon’s real estate. Saund says: “Places where the Metro has been announced have already seen a jump in values. Also the enhancement of the sector road infrastructure has been another boost. With the Metro walking the talk, citizens are more inclined to believe the commitment of the authorities in keeping to the sector roads schedule as well.”

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Delhi property rentals have gone up by 12 per cent on an average in Delhi and NCR in the April-June period of the current year compared to the same period last year, real estate portal report has said.

Property rentals in Delhi/ NCR www.navyroof.com

Vasant Kunj and Dwarka most affordable
“Both Vasant Kunj and Dwarka seem to have emerged as the most affordable rental destinations in Delhi for the middle income group,” it said. Key localities in East and West Delhi have seen an upward trend in rental prices with areas like Patparganj, Vasundhara Enclave and Mayur Vihar witnessing a 12 per cent increase in rental values during the April-June over the same period last year.

Delhi rental prices set to increase further
Localities like Vikaspuri and Janakpuri of West Delhi saw 13 per cent and 8 per cent increase in rentals, it said. Within the Central and North Delhi, Connaught Place has seen an 8 per cent rise in rental prices, while Rohini and Pitampura saw a 37 per cent and 35 per cent increase. The report said that in the future as well rentals would only escalate. “Since there has been no new supply coming in immediately in the region, property in Delhi rental values will continue to escalate on a yearly basis,” it said.

For Delhiites seeking a reasonably priced apartment of their own in Delhi,there is some big news. Delhi Development Authority plans to launch a new housing scheme next month in which as many as 15,000 flats and apartments in Delhi in various categories would be on offer through a lottery.

Property in Delhi www.navyroof.com

3 star specifications
The flats in Vasant Kunj are being built to 3-star specifications.Improved material and new types of tiles and design will be featured in these flats.DDA officials said the pricing of the flats would take into account these added features.

MIG and HIG category flats
The scheme will offer LIG as well as MIG and HIG category flats as per norms set by the authority.
There was an overwhelming response to DDAs 2008 scheme and numerous charges of corruption were levelled against its officials.The court,however,had given a clean chit to the agency.

Housing Bonanza
Around 2,000 apartments in Vasant Kunj,built to 3-star specifications for the Commonwealth Games,will also be on offer in the mega DDA scheme Other flats,across all categories,include those in Jasola,Rohini and Dwarka DDA will follow its usual lottery system for allotment.Only those who dont own a flat in the city are eligible to apply

The Delhi government’s decision to increase the circle rates might prompt a revision in Delhi property tax rates upwards too.

Experts feel as the circle rates have been increased by up to around 200% in certain areas, the Delhi property tax will be revised by around 100% in these areas.

With regard to property in Delhi, property tax is fixed on the unit area basis. As the property prices are high in the posh areas – which are kept in the higher categories – the circle rates are fixed at a higher rate.

Similarly, the property tax rates in those areas are also pegged at higher levels.

Property in Delhi

The property market in India has become one of the biggest sectors in India always buzzing with activity. It was hit by the global fiscal flu that caught the economies of the world for eighteen months but has been on the revival path from last two quarters.

Prices becoming unaffordable
The real estate in Delhi, Mumbai and other metros like has become unaffordable as prices sky rocket owing to the supply deficit.

Delhi, the national capital, is the hottest investment destination in India today followed by metros and tier-II cities. The prices of property in Delhi have become exorbitant with it emerging as the 11th costliest property market in the world in a survey conducted by global realty consultant CB Richard Ellis (CBRE). Delhi is the nerve centre of all political, commercial and cultural activities and preserves its old-world charm while being the centre of most modern achievements of the country. Despite its limitations in terms of space, the city offers world class commercial and residential property- be it apartments, retail space, builder floors or independent houses. Even neighboring areas of the city like Gurgaon, Noida, Greater Noida, Ghaziabad and Faridabad are also benefiting with large-scale property developments in Delhi.

Too expensive for the common middle class
One of the reasons of the high property prices in Delhi is that it is home to numerous politicians, bureaucrats, industrialists and top notch corporate professionals. With them opting for high priced properties, the real estate in Delhi is becoming too expensive for the common middle class. Along with this, whenever new projects come to the city, the property rates of the surrounding areas begin to grow automatically. The introduction of Metro trains has been one of the primary reasons for hike in property prices all around East, West, North & Central Delhi and even in Noida. It is soon to extend to South Delhi and Gurgaon bringing in higher value to the already posh area. Apart from that, the forthcoming event of Commonwealth Games in few months from now will bat in favor of high realty values in both Delhi and NCR.

Delhi is becoming an investment hub
Real estate in Delhi is becoming an investment hub not only for nationals but also for NRIs and foreigners. With the government allowing FDIs in Indian realty sector, another dimension for growth has been added, fostering up the prices. Property buying is the result of either habitation/ need based or for investment purposes. The positive growth of the economy and an increase in purchasing power or disposable income of the people has also been stimulating the property rates. In addition to all these factors, the availability of home loans and easy EMIs spanned over a long period of time encourage more and more people to buy property in Delhi. This raised the demand while intensifying the shortage in supply of the property in the capital city.

Residential and retail
Currently, Delhi real estate is focusing on two segments-residential and retail. Affordable housing is the buzzword in the property sector while retail is flourishing at its best all around the country. Residential property in Delhi is especially a favorite with many for both buying and investment purposes. The concept of quality housing is also doing rounds with more and more developers offering affordable living spaces of international standards. Not only have the property values increased, even rentals in Delhi have started burning a bigger hole in pocket. With growth in mall and multiplex culture, retail realty in Delhi is also multiplying manifold.

New Delhi real estate will soon have a regulator by the end of 2010. Urban Development Minister S. Jaipal Reddy said Thursday. He also said the government was talking to other states to have similar regulators.

“The state governments have sounded positive. It would take time to happen. But Delhi will get a regulatory authority for the real estate by this year,” Reddy told.

He said the legislation process for the real estate regulator for Delhi would soon be completed as the draft bill has been circulated to the stakeholders.
According to him, the regulator once in place would prevent Delhi real estate players from indulging in unnecessary profiteering.

The minister also said the Delhi Metro rail will stretch to 190 km in the national capital region (NCR) by the time the Commonwealth Games start here October 3.