Swaran

I am an end user and am interested in buying a 3BHK for self and family use at Dwarka. For the last 7 months I have been studying the prices and availability, and am surprised to see that prices are actually softening.

My friends suggest that I should hurry up otherwise prices will go UP, but many houses which I saw 5-6 months back are either at the same price or below the earlier quote. NOW I AM GETTING GREEDY and feel the realty slowdown will result in further fall of prices at Dwarka. I am not sure, and would like to seek the advise of experienced people in this forum.

However, one thing I have very carefully observed that more than 30% apartments in over 80,000 flats in entire Dwarka are unoccupied even till date. Besides this 100 societies are complete and are not cleared by Registrar of cooperative society. Sooner or latter these 15000 flats will also be added.

Friends, I have actually gained by waiting 7 months. Would you advise me to wait more for further down fall of Dwarka property.

Jawhar

I think the same is applicable all over - in Mumbai, Pune, NCR, and to an extent at Bangalore. But don't expect any big fall overnight. But in such a dicey state of real estate across country, it makes sense to WAIT

amarakbar

What are the current rates in Dwarka?

I had noticed that rents in Dwarka are much lower than that in Noida whereas selling rates being quoted are much higher as compared to Noida.

Jawhar

The rates are pretty high - about 7000 to 8000 psf (All inclusive), and rents are much lower than Noida or Gurgaon because Dwarka is just for residence - there are no jobs here. In fact it is surprising to see that such a big sub-city has only one shopping mall. You can get a 3BHK for 15K rent.

amarakbar

Dwarka comes in zone D which has seen some drop from its peak. However, the trend varies with location even in same city.

Swaran

Thanks for posting the graph. It clearly shows that real estate prices at dwarka are falling

Sharmeela

Yes, prices have started falling in Dwarka also. A flat which was quoted at 60 L in 2009 was changing hands at 1.25 CR in early 2011. After such a steep rise in such a small time the prices are cooling because of more RTM houses . Many societies where allotment was not done are also in the fray now. Not exactly an over supply, but supply is still more than demand . Besides Dwarka has problems like water supply and crime

sharmafire

Since last 3 months, I was in the process of disposing of one 3BHK and was planning to purchase one 3 BHK with better facilities and gentry.

My observation, when I disposed and gave dealer 3 months, priceses are nearly at the same or raised by 3-5%. The problem is that not enough end user in the market.

Then I was following to buy by adding more money and whatever I was interested, prices were going up every week. A flat which was available for 1.30 Cr just 2 months back but I was not having the money in hand as my own flat for sale was not disposed off is now costing 1.48 Cr.

I am telling this my actual expereince. where I am a seller and buyer of a 3.BHK in Dwarka.

This is my expereince of last three months of Dwarka flats.

Sharmeela

You are right - there are not enough end users in Dwarka and many flats are held by financiers or investors. But I still do not agree that prices have gone up by 5% in few months. The flats in newly allotted societies are also not getting good premium - perhaps the reason is that new buyer cannot register for 3 years. Is there a rule like this?

sharmafire

The flats in newly socities are not getting good premium, there are two types of socities here, one is self draw socities and some are still under Investigations. Any society which has a clear title and good surrounding is getting premium.
Eg just go to 99 acres or magic bricks and search by keyword God Craft society, or Modest Ketki or any other and in that you will get latest price as demanded and go further down 2-3 months as the ad is old and expired but rates you can see what price was coated.
My expereince, if it is for self use, anytime is better time.