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Are Real Estate Prices in Delhi Likely to Fall?

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Are Real Estate Prices in Delhi Likely to Fall?

Last updated: April 29 2012
42 | Posts
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  • #11

    #11

    Re : Are Real Estate Prices in Delhi Likely to Fall?

    Not Delhi properties. They just rocket to land on the moon.

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    • #12

      #12

      Re : Are Real Estate Prices in Delhi Likely to Fall?

      Originally posted by Venkytalks View Post
      Delhi price never falls.

      Ek bar kisi ne flat ka keemat 2 carod bol diya, to sara mohalla vaise hi flat ke liye 2 karod se kam ek paisa bhi nahi lega.

      Chahe flat 10 saal naa bik paye
      I remember one of my friend had put his house in Paschim Vihar on sale for 5 crore rupees. (nearly one year back, a 200 s. yard piece). I asked him about the rationale for his pricing. He said "pados mein 4 crore ka bika hai".
      After 2 weeks, I asked him: koi offer aai?, and he said 4 crore ki.
      After sometime I asked him the same question, he said: kehtein hain sava 4 crore le lo.
      After 10 more days, he told some one offered him 4.6 crore.
      After 3 more weeks, he told me "bik gaya 5 crore mein!"
      It was nearly a year back. Now I am hearing the same thing costs around Rs. 8 crorers!

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      • #13

        #13

        Re : Are Real Estate Prices in Delhi Likely to Fall?

        Originally posted by Shiro View Post
        To kya da saal tak band pada rahega?
        Delhi must be the only city in the world where the prices have gone in only one direction -UP.
        Four flats in my parents building are lying empty for many years.

        First they were asking for 1 crore. We said - pagal hai, koi nahi dega.

        Now they are asking for 2.25 crore. When I heard this, I said - have they gone nuts?

        The flats are still empty. Asking price is still 2.25 crore. Next year it will be 2.5 Cr - and so on it will keep lying empty and they will keep asking for more
        Venky (Please read watch a or before posting)

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        • #14

          #14

          Re : Are Real Estate Prices in Delhi Likely to Fall?

          Ya, that is very much true for Delhi properties.
          People have bought these properties at such a low price that they put unexpected sale price now. Not to mention that all these properties for them were paid off long time back and if they are not in need of urgent money then any unrealistic price becomes realistic for them. Shortage of supply and intention of hiding black money also contributes to the rise of such unrealistic prices.

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          • #15

            #15

            Re : Are Real Estate Prices in Delhi Likely to Fall?

            Originally posted by Venkytalks View Post
            Four flats in my parents building are lying empty for many years.

            First they were asking for 1 crore. We said - pagal hai, koi nahi dega.

            Now they are asking for 2.25 crore. When I heard this, I said - have they gone nuts?

            The flats are still empty. Asking price is still 2.25 crore. Next year it will be 2.5 Cr - and so on it will keep lying empty and they will keep asking for more
            A broker today told me that the asking price of a raw DDA flat in Alaknanda is 2 crore. He said the last one of similar dimensions had gone for 1.85 crore. So the owner has upped the rate by 15 lakhs leaving room for some negotiation. 12 years ago the price being quoted was 30 lakhs and I had thought it was too high!
            At that time everyone seemed to be buying swish and swanky apartments in Gorgoan. DDA was considered down market. But the way the prices have gone up there has been more appreciation in Delhi flats then elsewhere.
            I asked the builder how long it took to find a buyer at 1.85 crore and he said five months. I suppose that it is an okay waiting period if you are in no hurry for money and want to make a neat packet.
            I only wish now I had bought a flat then for 30 lakhs! One lives and learns!

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            • #16

              #16

              Re : Are Real Estate Prices in Delhi Likely to Fall?

              Originally posted by Shiro View Post
              I only wish now I had bought a flat then for 30 lakhs! One lives and learns!
              Same here :-(

              I have realised that central areas will always command a hefty premium even if property is old, run down and doesnt seem worth living - which describes most DDA flats.

              Location is all that matters, nothing else
              Venky (Please read watch a or before posting)

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              • #17

                #17

                Re : Are Real Estate Prices in Delhi Likely to Fall?

                hi

                hi pls guide me abt cost of dda hig 3 bhk flat in sec 18-b dwarka i have been allotted in dwarka. pls reply is it worth to retain it. thax in advance

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                • #18

                  #18

                  Re : Are Real Estate Prices in Delhi Likely to Fall?

                  Originally posted by sharma1870 View Post
                  hi pls guide me abt cost of dda hig 3 bhk flat in sec 18-b dwarka i have been allotted in dwarka. pls reply is it worth to retain it. thax in advance
                  You must have seen the cremation ground, cemetery and a Kabristan opposite these flats. This is a big negative. Properties that are near such places always appreciate at a slower pace when compared with properties without any such issue.

                  Otherwise it is an OK location with sector-12 metro station nearby. I suggest selling this flat and buying another one with decent location and near metro station only.

                  It is all about location after all.

                  With the draw of some 5000 flats, that were locked for many years due to court case, happening in next few months there will be ample supply of flats at good locations.

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                  • #19

                    #19

                    Re : Are Real Estate Prices in Delhi Likely to Fall?

                    hi

                    thax but right now premoum is too low

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                    • #20

                      #20

                      Re : Are Real Estate Prices in Delhi Likely to Fall?

                      I agree with most of my friends on this Topic. In Delhi, price will virtually never go down. In case you are lucky enough to see that phenomenon in your life just buy as much as you can.
                      Central Parts of Delhi will always continue to rise irrespective of economic conditions. Seller is King in Delhi. The seller knows that his price will come within 6 months if not today.
                      I think its one of the safest places in World to invest your money, any day better than a FD.

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