Soaring Demands & Increasing Prices of Properties
The article discusses about the real estate market of Delhi, which is witnessing increased demands and prices in all property segments. Read on to explore more!
With the city and the adjoining places being developed in terms of infrastructure, various renowned builders and developers are taking advantage of this situation and are planning to launch a number of new residential projects that could certainly been helpful in solving the space crunch in Delhi.
Reasons for high demands of properties in New Delhi
Being the capital city of India, Delhi has enjoyed the status of a multicultural city. New Delhi has always allured investors due to increasing value of real estate sector, and is a dream place for Indians to reside. Investors from both India and abroad are considering New Delhi as one of the best places to invest their money. New Delhi offers quality life to all communities, no matter whether it is poor or rich. You can have a great number of opportunities for livelihood. Delhi has emerged as a potential real estate market, as it provides comfortable living atmosphere of people of all societies, however, buying house in Delhi has become tougher due to increased capital values.
Delhi has witnessed construction of a number of residential apartments, bungalows, IT parks and shopping malls to provide great accommodations and working atmosphere to people. Top constructions companies and builders from across the country are showing their interest in buying houses in Delhi, resulting in increase in prices of property in Delhi. The boom in the real estate has helped the real estate brokers, agents and builders to double their money very easily here in Delhi/NCR region.
People from all over India migrate to New Delhi and adjoining regions such as Gurgaon, Ghaziabad, Noida, Greater Noida and Faridabad, for buying houses in Delhi. The Delhi Metro Rail has added higher values in the regions adjacent to metro stations. Government has also plans to expand the metro network and increase its frequency to make the journey more comfortable and cater the needs of the increasing number of people in the city.
Because of the increased population in the area, there have been expansions in these cities as well. A number of new colonies have been set up in the sub urban locations or the outskirts of the city so that more and more people can be accommodated and the government could earn more and more revenues from properties. Moreover, as the long-awaited housing market dealing in commercial properties also have always been in high demand in New Delhi, the city has more advantage over many other metros. These are some of the determining factors for the movement of a big chunk of population from other parts of country to New Delhi. Such situations have posed an increased demand for house in Delhi.
Most preferred locations
The most preferred residential areas of South Delhi are Chhattarpur, Chanakyapuri, Lajpat Nagar, Vasant Vihar, Vasant Kunj, Maharani Bagh and New Friends Colony. With fully furnished apartments and bungalows, independent houses, kothis and large buildings, South Delhi is the most preferred location for most of the builders as well as investors. However, the prices are very high in these areas, and if you are planning to take house on rent, then also you will need to pay a hefty sum.
There have been increased demands for multi-storied buildings in Delhi by 53% during the Feb-Apr 2013 period, marking a hike of 2% from the Nov 2012-Jan 2013 period. As already discussed, the increasing space crunch in Delhi has been the main reason for such a surging demand for multi-storey buildings, which are the most preferred type of property among all types.
Rashmi Karan writes on behalf of 99acres.com, which is an online portal dedicated to meet every aspect of the consumers needs in the real estate industry. It covers information about all Real Estate property types including studio and serviced apartments for sale, houses for buy/sell & rent.
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