Since last year Delhi (NCR) residential market has started showing signs of firming up after a long gap of 5 years. Most of the excess stock that was left in the market after this bullish phase of 1991-1996 was absorbed in the market in last 5 years. This year has shown signs of upbeat mood of the market, reflecting the long lost buoyancy. Most of the micro markets have shown their own trends and price movements with some performing better than the others, but most of them showing increased activities and upward price movements. During last one and half years markets have witnessed price increase by 25-30%.

Residential areas of Delhi present a great diversity. All the prime properties are, by and large, situated close to the CBD. There is a historical perspective also attached to these central areas. Areas like Chanakyapuri and Shanti Niketan have been historically inhabited by high government officials and senior bureaucrats and are close to the Parliament and the main shopping districts. As a result most of the development has taken place around these areas in central and south Delhi. Most of Delhi’s prime residential area falls in the Lutyen Zone and, therefore, debarred from any construction unlike other areas. High end residential projects particularly bunglows are still in great demand in central and south Delhi. The major requirements in central Delhi is by expatriates.

Largely the business class dominates old residential areas in west and northwest Delhi. Similarly, the large multi-storied societies in East Delhi in Mayur Vihar and Patparganj have found preference with the service class. Infact service class has remained limited to apartments and society developments and big and small traders have occupied whole of the West Delhi including Rohini. Dwarka has emerged as fastest moving mid-level residential market.

Suburban towns within National Capital Region viz. Gurgaon, Noida, Faridabad Ghaziabad have become destinations for new residential projects that offer housing affordable to middle class as well as luxury housing for high end users. And with infrastructure in Delhi and NCR set to take off in a big way with Expressway and Metro Rail, the residential market has bright future.

Source:realtyplusmag
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