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Housing in Delhi

 

The real estate market in Delhi is a vibrant one as the population of the state is increasingly rapid. Being the capital of India, Delhi is a place for professionals, students, and homemakers. This is return requires a strong infrastructural base to influence commercial and the residential housing in Delhi. The Delhi real estate market that went into slump during the years of recession in 2007-09 bounced back with number of housing projects in and around the city.

 

Being the proposed destination for the 2010 Common wealth Games, Delhi is all set to have infrastructural developments to meet the housing needs of tourists as well. Being the capital city of the nation, Delhi enjoys an absolute advantage over any other cities in terms of capital investment for infrastructural developments as majority of prominent investors of India and foreign firms are based here. The Northern Capital Region (NCR) as Delhi is often referred as consists of round 13 Special Economic Zones (SEZs). This is an example of the vibrant commercial real estate in Delhi which is ever growing.

 

Capital Value

Locality
Apartment (Rs/sq ft)
 
Builder Flats (Rs/sq ft)
 
Plot (Rs/sq yd)
 
 
Jul-Sep’09 (%)
Jan’10
Jul-Sep’09 (%)
Jan’10
Jul-Sep’09 (%)
Jan’10
South (17)
0
9500-25000
-31 to 48
6000-36000
-11 to 0
90000-500000
Central (8)
0 to 9
13000-44000
-1 to 2
11000-44000
-17 to 0
150000-450000
West (12)
-35 to 4
2200-7500
0 to 26
7000-37000
-25 to 0
100000-200000
East (10)
-21 to 18
2500-9500
-15 to 42
2300-10000
-9 to 6
50000-150000
North (9)
-11 to 45
3500-12000
0 to 45
15000-27000
-2 to 25
140000-250000

 

The real estate developments in Delhi are triggered by the prominent industries and Multinational Companies having based in Delhi. It can also be safely assumed that the primary industries are opting for more office space and buildings than the MNCs. Another important aspect is that the primary industries are opting for low cost office space yet in large numbers.

 

Commercial real estate in Delhi

 

Delhi realty is dependent on the real estate prices in Delhi NCR and the infrastructural developments. The peak office zones in Delhi saw a boom in recent years as existing building were also renovated into corporate houses. They came to be less costly than the ones newly constructed especially around the Indira Gandhi International airport. Improved connectivity like developments of the rail and metro system in certain areas have also made office space expensive and also put a huge pressure on the capital and rental value of commercial estate like the shopping malls. The space for shopping outlets on newly build complex around Connaught place was priced at Rs 15,000- Rs 20,000 even five years back on a square foot of 1,500 minimum. Today it is a shock to someone venturing into retail business with the prices skyrocketing. With the development of the Delhi-Gurgaon Highway transit system, the office complex along the highway even on rent is not an affordable one anymore.

 

Residential real estate market in Delhi

 

The real estate market in Delhi indicates the real estate prices in Delhi that have increased rapidly in the past few years. The most expensive areas listed by the real estate agents are Karol Bagh, Saket, Hauz Khas, Greater Kailash, South Extension, Chanakya Puri, Vasant Vihar, Defence Colony, Lodi Colony, Gol Market, Janpath and Rajendra Nagar. In the commercial properties, areas like Connaught Place, Barakhamba Road, Curzon Road, Janpath, Gol Market, Lodi Colony, Janak Puri, Defence Colony, Vasant Vihar, Chanakya Puri, South Extension, Greater Kailash, Saket, Karol Bagh, and Gurgaon. The price of apartments that was earlier between Rs 15 lakhs- 28 lakhs has a minimum mark of Rs 18 lakhs. The only affordable options in these areas are rental accommodations and apartments on leash for about 2-3 years.

 

Rental Value

Locality
Apartment 2BHK  (Rs/month)
 
Builders Flat  (Rs/month)
 
 
Jul-Sep’09 (%)
Jan’10
Jul-Sep’09 (%)
Jan’10
Delhi (56)
 
 
-4 to 10
12000-100000
East (10)
-4 to 16
5000-25000
-15 to 50
14000-18000
Central (8)
-25 to 8
12000-100000
-17 to 7
14000-25000
West (12)
-11 to 25
11000-22000
-13 to 14
14000-27000
South (17)
0
17000-75000
-15 to 25
15000-110000
North (9)
-3 to 16
16000-32000
-17 to 7
14000-25000