Delhi/NCR is the hub of the entire North India’s real estate sector. Being the capital of the country, the area has developed manifolds over the last 4 decades. From residential to commercial, from hospitality to medical, from education sector to retail- the city is top-notch in every field. Real Estate Property in Gurgaon, Noida and parts of Delhi have witnessed a complete revival.
However, as the pace of our real estate industry slowed down, this region has to suffer the consequences too. As per the insight reports prepared by the real estate portal 99acres the market is going pretty slow since the beginning of this year. Inventory pile up and the subdued demand scenario have come up as the two main features of Delhi NCR real estate market. In the Apr-Jun quarter, the property prices have increased by a negligible rate of 1%.
It is a good news that despite the pile of huge inventory in the market and the gloomy conditions of real estate demand the prices have shown an upward trend for the Delhi/NCR market in general. In Delhi, the prices fell by two percent as compared to the last quarter. The markets that contributed towards this 1% price rise were Mehrauli, Greater Kailash and other parts of South Delhi. Prices in Dwarka and other parts of North and West Delhi remained stagnant through the quarter.
The builders wanted to clear the unsold inventory first which is why there was a drop in the number of new launch projects. While the residential market could not impress the real estate market players, commercial real estate and the rental market showed an upsurge. IT/ITeS firms have recorded a significant number of office space absorption mainly in Noida and Gurgaon. This development in the field of commercial real estate will fuel the residential and rental markets as well thus improving the scenario.
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