Stagnant Prices in Delhi NCR Real Estate in Q1-2015 – 3 BHK units More Popular

 

Bhiwadi - 16th June 2015

We have witnessed the marginal growth of 1 percent in property prices per square feet in Jan-Mar 2015 as compared to Oct-Dec 2014, as per the reports shared by 99acres.com. In the first quarter of year 2015, we have seen an average of 3 percent increase in the Rental Values as compared to first quarter of year 2014. Supply of residential apartments dipped from Houses with 3 BHK units continues to be the most popular configuration of Delhi NCR’s inventory. The most popular unit in Delhi NCR’s inventory which is getting sold are 3 BHK units.

We have witnessed the marginal growth of 1 percent in property prices per square feet in Jan-Mar 2015 as compared to Oct-Dec 2014, as per the reports shared by 99acres.com. In the first quarter of year 2015, we have seen an average of 3 percent increase in the Rental Values as compared to first quarter of year 2014. Supply of residential apartments dipped from Houses with 3 BHK units continues to be the most popular configuration of Delhi NCR’s inventory. The most popular unit in Delhi NCR’s inventory which is getting sold are 3 BHK units.

PRICE TREND ANALYSIS (Jan-Mar 2015 vs Oct-Dec 2014):

(A) Delhi North, South, East, West, Dwarka

  • Dwarka Sector-17 was the top grosser in Delhi witnessing gratitude of 9 percent in capital values in the quarter one of 2015.
  • Riding on the wave of new road infrastructure, the lack of which would cause immense traffic snarls, Greater Kailash I and Lajpat Nagar recorded a spike of 8 percent in the quarter ending March 2015 versus the previous quarter.
  • East Delhi localities such as Vasundhara Enclave and Patparganj saw a dip in property prices to the tune of 1 to 2 percent.

(B) Noida and Greater Noida

  • Proposal for two metro corridors in Greater Noida failed to give the necessary fillip to the Noida’s realty. However, it kept the market floating.
  • Noida Sector-74 and Noida Sector-134 in emerged as the top performers in the zone, with 10 percent price raise each.
  • Amongst the non-performers in the zone, majority of the locales were from Greater Noida. Sectors Beta 2, Zeta, Pi I and II and Omicron saw prices dipping by 6-15 percent.

(C) Ghaziabad

  • Capital values in Ghaziabad remained stable in Jan-Mar 2015 and Oct-Dec 2014 despite the launch of numerous low and mid-range housing societies.
  • Boasting of seamless connectivity and well-developed social infrastructure, Ahinsa Khand 1 was the top grosser with 7 percent spike in property prices between Oct-Dec 2014 and Jan-Mar 2015.
  • Ankur Vihar, NH 24, Lal Kuan and Rajendra Nagar recorded the maximum drop in capital values this quarter, by 5 percent to 7 percent.

(D) Gurgaon, Faridabad, Dharuhera and Bhiwadi

  • New Gurgaon witnessed a massive surge in property values by 11 percent as a result of certain sectors being in proximity to NH 8.
  • Prices in Bhiwadi and Faridabad remained stagnant, while that in Gurgaon crawled up by 1 percent.
  • Amongst the top non-performers in this zone were Manesar in Gurgaon and Sector 88 in Faridabad which recorded a price dip of 10 percent to 11 percent.

RENTAL ANALYSIS (Jan-Mar 2015 vs Jan-Mar 2014):

(A) Delhi North, South, East, West, Dwarka

  • Sharing an inverse relation with sales volume, rental demand saw a decent rise in all the zones of Delhi NCR.
  • The top performers in this zone were localities from Dwarka such as sectors 4, 10, 18A and 18B, where rental values increased to the tune of 15 percent to 23 percent in one year.
  • Premium localities such as Defence Colony, Vasant Vihar and Anand Niketan from South Delhi recorded a drop of 12 percent to 16 percent. Vacant housing units at higher ticket size forced leasers to reduce the asking rates.

(B) Noida and Greater Noida

  • Noida-Greater Noida and Delhi-Dwarka clocked 2 percent increase in rental rates each during the span.
  • Sectors Zeta and Zeta I in Greater Noida were top grossers witnessing 14 percent annual hike

(C) Ghaziabad

  • Ghaziabad saw demand for rental properties leaping by 5 percent in Jan-Mar 2015 as compared to the previous year.
  • Situated opposite the industrial areas of Noida, Sectors 62 and 63, Vaibhav Khand in Indirapuram recorded maximum housing demand, therefore, highest spike in rental rates to the tune of 25 percent.
  • Abhay Khand, Raj Nagar extension and Vasundhara witnessed stagnant markets in Jan-Mar 2015. Low occupancy and lack of public transport limited rental demand in Raj Nagar Extension.
  • Being highly-priced locations, both Indirapuram and Vaishali saw a shift in rental demand and hence, dipping prices to the tune of 7 percent each.

(D) Gurgaon, Faridabad, Dharuhera and Bhiwadi

  • Rental markets of Faridabad and Gurgaon followed Ghaziabad with 3 percent to 4 percent spike.
  • Sector 55 Gurgaon emerged as the top grosser with 25 percent appreciation in rental values due to its comparative affordability to all DLF Phases.
  • With only a few towers delivered in some projects, Sector 89 in Gurgaon recorded a drop of 11 percent in rental rates.

SUPPLY ANALYSIS (Jan-Mar 2015 vs. Oct-Dec 2014):

  • Being reasonably-priced and convenient to maintain, mid-sized 3BHK homes / flats were the highest supplied in Delhi NCR.
  • Properties within the price bracket of Rs 60 lakh to Rs 1 crore captured 23 percent of the market share.
  • Continuing the trend from Oct-Dec 2014, 3BHK units were the front runners recording close to 45 percent supply in Jan-Mar 2015.
  • Nearly 60 percent of the city’s inventory fell in the ready-to-move-in category.
 

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