So far, in our price trends articles we have talked about how the property rates fared over the last one year in different cities of the National Capital Region (NCR) like Noida, Delhi, Faridabad, Ghaziabad and Gurgaon. Let us now talk about the same trends for the entire Delhi/NCR real estate market on a macro level.
Delhi/NCR is not a new real estate market. It has been there ever since the realty world started its development and has seen the best and worst conditions of it. The market which was initially confined to Delhi gradually started moving towards the outskirts. Gurgaon was the first city that grabbed the eyeballs of private builders. DLF came up with its Cyber City project which completely transformed the skyline of Gurgaon. The city which was earlier just bricks and stones now stands as a strikingly beautiful commercial hub.
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Then Noida came in limelight. When people working in Delhi could not find a decent place to live in the capital city, they started looking for better homes in Noida. Realizing the rising demand, several developers came up with their residential and Commercial projects in Noida. Eventually the connected cities of Greater Noida, Ghaziabad and Faridabad also grabbed the much needed attention. Commercial and housing projects are now launched every year in abundance. Home Buyers’ needs and preferences have also changed over time. In luxury homes, they are looking for something unique that is different from the rest of all. The middle income buyer segment wants better homes at affordable prices. Developers are striving to meet the demands of customers in every possible manner.
Over the last one year, prices in the Delhi/NCR real estate market have gone through several ups and downs. In August ‘14 prices were recorded at Rs 4,959 per sqft. which came down to Rs 4,848 per sqft. in October ‘14. Prices picked up the pace again and at the end of 2014, the average property price was recorded at Rs 5,004 per sqft. After that, the graph showed a steep slope April ‘15. The current price as shown by Investors Clinic Price trend graph is Rs 4,413 per sqft.
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