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Is Delhi-NCR Real Estate Promising in 2015?

If you are planning to invest in the Delhi NCR real estate in the near future, there is a reason to cheer. Prices are likely come down soon, as per property experts.

For the first time in the last three years, residential properties across Delhi and the National Capital Region (NCR) have registered an over 50% drop in the quarter ending March 2015. Real estate experts believe that slow sales have been primarily due to high real estate prices. Prices in the Delhi NCR region therefore are likely to come down in the near future. Real estate experts feel the decline can be as high as 15% to 20% as builders and developers look to clearing up their unsold inventory.

Delhi NCR Real Estate at a Glance: 

Delhi real estate market is a dynamic market with a strong demand balanced by equally high development. With unsold inventory in Delhi-NCR reaching a high of almost 170,000 units in January-March, there is likelihood of a price correction in the near future.

Here is a look at Delhi NCR real estate segments and the likelihood of possible future price trends in the region.

  • Likelihood of vertical growth:  The expansion of the Delhi Metro network to periphery of outside Delhi along with Delhi State government’s effort to regularize illegal housing colonies, the real estate segment stays upbeat. The availability of limited space also means that Delhi real estate projects will be looking at verticals rather than spreading out evenly in the long term.
  • Clarity on land pooling policy, a positive for the sector:With the central government notifying the use the land pooling policy of the Delhi Development Authority (DDA), Delhi-NCR is likely to get an additional floor space of 20,000 hectares of land concentrated across peripheral zones. If the land pooling policy is finally implemented, this would mean more floor space index brining down costs for land and housing.
  • Prices likely to Correct in 2015:Low demand and high prices in recent times have hit the Delhi-NCR real estate index recently. Though the market sentiment has turned positive with likelihood of implementation of Delhi land pooling policy and focus of affordable housing by many big developers, there is a strong case of price correction in various areas across the city. On the flip side any price correction is likely to spur the demand as Delhi-NCR realty market remains vibrant with string growth fundamentals.
  • Premier areas to continue commanding premier pricing: Even if the likely price correction as most real estates experts agree will usher in more sales, the prime areas of Delhi NCR including Gurgaon, Noida and Dwarka continue to hold their ground.

The final overview of Delhi-NCR for 2015: 

Delhi-NCR area is likely to witness influx of more builders with an eye on location near the Delhi border for sustained growth. The growth of the metro line into periphery of outer Delhi and new development projects at places like Bahadurgarh near the Delhi border auger well for the growth of the real estate industry in the area.

Areas like Gurgaon and Noida continue to hold strong offering good return on investments. The affordable housing segment is also witnessing a influx of consumers making it a perfect time to enter the Delhi real estate sector.

So given all these, those who are looking to invest in real estate at Delhi-NCR can keep a close eye as property prices are likely to drop soon, as per expert opinion. However, it has to be noted that Delhi-NCR is notorious for construction delays and legal complications pertaining to land. So it is advised to make a good background check before you make any decision.

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