GOOD TIMES - Now is the time to buy
Experts say that this is the right time to buy in some of the niche locations of Delhi
Buyers who wish to buy their dream home in Delhi, rather than settling in the cities of Noida or Gurgaon have a reason to cheer. According to a recent industry report, home prices in several prime areas of the national capital have reduced by up to 20 per cent in the last two years, with prices almost stagnant in many other lo cations of the city.
According to the report, areas like Vasant Vihar, Defence Colony, Jor Bagh and Golf Links witnessed decline in prices in the last two years and the situation has not changed for these areas even now.Talking about the reasons which might have led to this stagnation, AS Sivaramakrishnan, head, Residential Services India, CBRE South Asia Pvt Ltd, says, “To some extent, this price reduction can be attributed to the fact that Gurgaon and even Noida have started offering luxury housing projects which have world-class amenities. These projects provide better ambience and amenities at a lesser price even now, when compared to these areas of the capital.“
Talking about this new change in the Delhi property market, Manor Gaur, president, CREDAI NCR, goes on to say, “The price depreciation in prime locations of Delhi is majorly due to the supply of resale property with an outright purchase system. These factors af fect the buyer sentiment as it does not allow the mid segment purchaser to buy a project, paying the full price of property in one installment. The reason why Gurgaon and Noida have become an emerging hotspot for the buyers is the availability of new projects in the same price with an option to pay in various installments. The other reasons for this are that the new projects in NCR are now offering advanced facilities and amenities relatively at a better price.“
Another reason which is being cited by industry experts for the same is that South Delhi is not undertaken by major developers. It is driven by smaller players, although a few mid-sized developers are also present in this market. Although this reduction may not be good news for the sellers, it surely is music for those looking to buy in these esteemed locations.