New delhi, August 13, 2014 – The Story of Delhi at a Glance: Capital of India, Delhi is a place that enjoys recognition from all over the world. The state hasn’t always been the capital of India but has definitely played a pivotal role in building up a new nation post-independence. As years passed by, Delhi underwent a lot of changes in terms of culture, infrastructure and lifestyle. The recent times reflects Delhi as the only Indian state, which is culturally diverse, a house to people from different Indian states and urban in every aspect. Global
Yes, it’s a fact that Delhi has undergone a lot of changes and has turned out to be one of the plush metropolitan cities of India but another fact that can’t be outshone is historical element, which is still intact. When it comes to maintaining the true essence of being a historical state of high regard, Delhi has kept itself at a very high point. The magic of QutubMinar, ParantheWaliGali or the LalQuila has not lost its sheen even after years and manages to fascinate tourists from all over the world.
The New Face of the Capital: Delhi Now!
According to the latest survey being published in the 10th annual edition of DEMOGRAPHIA WORLD URBAN AREAS, Delhi has been placed in the list of top 5 developed urban areas. The United Nations survey also revealed that there are more number of urban areas in Asian countries than anywhere else in the world, with Delhi as an Indian state securing excellent rankings in list of urban states, populace and noteworthy development.
Delhi is not limited to historical elements; another feather has been added to the cap, which is New Delhi that encompasses some of the posh and developed localities. Majorly being the Southern and the Western part, New Delhi is considered the urban extension to the state of Delhi as we know.
Another noteworthy development that has taken the status of Delhi to a next level is the introduction of metro system. The incredible public transport system has gradually become one of the important parts of daily lives. Delhi metro system has definitely brought in a lot of behavioral and infrastructural shift in how people commute, which is classy yet approachable. Travelling to distant places in Delhi has now become comfortable, faster and cheaper as compared to other public transports in here.
Delhi Realty Market 2014: Changing Price Trends & Factors Associated
If cities were living creatures then transport system would be arteries determining their growth and health. The two major developments that we talked about are the two sides of the same coin with transport system and the entry of global companies in the Delhi region defining the development and rise of the city.
MNCs pitching in for land in Delhi to position their office branches have also affected the property prices and the other major development element that is metro has also affected the prices of the property that are at close proximity. Apart from this, the recent elections have also affected the price trends and have also touched the buyers’ sentiments in the correct way. A recent report commissioned on Economic Times reveals following pointers:
1. Commercial realty domain
Here are few major points to take note of:
· Delhi’s and its connected regions have shown health levels of net absorption over a period of 3 years.
· The IT/ITeS sector contributes a major share of leasing volumes and on the other hand manufacturing and industrial sector has also shown good performance, of late.
· Economic conditions in Western Europe and USA are showing of stabilization, which will increase business outsourcing in India. This will definitely make the current scenario of office/commercial realty sector, even better.
· From an investment perspective, analysts and industry pandits believe that buyers should make a decisive investment in leased assets and resale properties in the current scenario.
2. Residential Realty Domain
Here are few major points to take note of:
· The inventory and the supply numbers of the residential projects have been on a roll.
- Secondary market is currently a good avenue to get bargain sales. The market is currently trending at a 25-30% discount to the primary market.
· More and more builders are coming up with affordable housing options; keeping in mind the growing expatriate movement in Delhi
· Apart from affordable housing options, there are projects on villas and luxury homes for people who are looking out for investments in long term but better assets. This appeal to larger income groups (LIGs).
Let us now see some of the hot destinations where there have been notable realty activities and are favorable for investments:
Delhi Hot Spots: Places To Look Out For
Here is a list of hot spots in Delhi for realty investments along with a complete illustration of their price trends:
DwarkaMor is one of the highlighted localities in Delhi with real estate growth of 6% from first quarter of 2014 to the ongoing one. The price will vary depending upon the square feet of area that is to be occupied.
The current price trend following up in DwarkaMor is Rs. 4,850 – 7,200/sq.ft. Here is an illustration.
2. MayurVihar Phase 1
MayurVihar Phase 1 is one of the prime areas in the eastern part of Delhi. The real estate growth has been tremendous with this year’s figure tracked, 6.58%.
The price range within which the property can be accessed in the locality is Rs. 11,700 – 13,700/sq.ft. Here is an illustration of fluctuating price trend.
3. I.P Extension
When it comes to realizing another developed area in the eastern part of Delhi, IP Extension is the place that strikes the mind. The real estate growth figures have gone down by 6.67%, but the realty activities is now picking up the pace owing to movement of expat job seekers and students for university admissions.
The price range within which a property can be accessed here in I.P Extension is Rs. 10,500 – 12,000/sq.ft. Here is an illustration of the fluctuating price trend in I.P Extension.
4. Greater Kailash
Greater Kailash is perceived as one of the posh and well-developed areas of Delhi. However, the real estate growth has been dipped in the present quarter by an average of 6-7%.
The properties that have been in demand here are residential spaces and as for commercial realty spaces, the demand have been running less.
5. Commonwealth Games Village
The Commonwealth Games Village is still remembered as one of the ambitious projects being taken up by the Delhi Government and a group of known builders. The village basically provided luxurious hotels and staying facilities for the national and international sports people who came here in India as participants in Commonwealth Games.
Even after the games are over, the real estate growth has been consistent here with rising percentage of 2.05%. The property can be accessed within a price range of Rs. 21,500 – 23,000/sq.ft. Here is an illustration of the fluctuating price trends in here.
Before We Go….
There is no doubt about the fact that Delhi has grown really large over the years. The infrastructure, the lifestyle or the people; everything about Delhi is grand and interesting. The property market in Delhi is as hot as the state itself owing to developed transport system and growth percentage in each of the locality. Buyers can actually now think about investing in properties as there are a lot of location as well as realty advantages associated now. CCI Newswire
Hard Facts and Graphs have been sourced from :