It is purely up to you to believe or disregard 99acres report

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NEW DELHI: Property prices in the Delhi NCR region have escalated between 10-45% in the last one year, says a study by real estate portal 99acres.com. This increase in prices indicates that the sentiment in the sector has improved drastically since the slowdown.

"Capital values in Delhi continue to move upwards even though the market seems to be in a phase of stagnation and lots of talk about imminent price reduction," says Vineet Singh, business dead at 99acres.com. There seems to be no price correction in sight. "At best rates will stabilise," he says.

Recent months have seen a slowdown in demand for homes, bringing down sales volumes dramatically. One of the main reasons for this demand slump is the increase in rates across the market, especially in Noida and Gurgaon, along with climbing interest rates.

Areas in Gurgaon saw the highest level of property price appreciation in the NCR. Between Q1 2010 and Q1 2011, the per square feet prices of properties on Sohna Road were up 46.1%, DLF City Phase 4 were up 41.9% and in Sector 57 were up 37%.

Noida too has gained a lot of popularity over the last one year primarily because of introduction of the metro rail services in this region, making the commute much faster and easier. Sector 110 and Sector 93 of Noida has seen prices moving up by 16% and 11% in Q1-11 over Q1-10.

In some key localities in Delhi, like Sarita Vihar and Rohini, the appreciation was 27.6% and 25% respectively. Prices in Vasant Kunj were up 15.2% while that in Mayur Vihar phase 1 were up 13.6%.

The subcity of Dwarka in south west Delhi has also seen a steady appreciation. Like Noida, the most important factor fueling prices of land here is the Delhi Metro which has emerged as the turning point for real estate prices in this region. Sector 11 and Sector 2 saw prices appreciate by 28%.
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