June 1 2015
Major Highlights:
- The rental market in Delhi NCR performed better than the capital market, recording an annual growth of 3% in the first quarter of 2015 as compared to Oct-Dec 2014.
- Unsold inventory and legal hurdlesdented customer sentiments,although the Delhi Government&rsquos decision to regularise illegal colonies in the city brought some cheer.
- The UP Housing and Development Board and the Delhi Government came up with plans to develop budget housing options.
- Most sectors in Dwarka sub-citywere the highest grossers in terms of capital values due to its affordability quotient as compared to Gurgaon and connectivity to the rest of the city via the Delhi Metro.
- Multi-storey apartments were the most popular property type in the city, capturing 64%of the market in the Jan-Mar 2015 quarter.
New Delhi, 3rd June, 2015: 99acres.com Insite is a quarterly report focusing on capital and rental price trends in the residential real estate market across seven major cities of India. According to the report, property prices per sqft in Delhi NCR have witnessed a marginal growth of 1%in Jan-Mar 2015 over Oct-Dec 2014. Rental values have saw an average increase of 3% in the Jan-Mar quarter as compared to same quarter preceding year. Supply of residential apartments dipped from 71% in the Oct-Dec 2014 to 64% in Jan-Mar 2015. Houses with 3BHK units continue to be the most popular configuration of Delhi NCR&rsquos inventory.
Commenting on the report, Mr Narasimha Jayakumar, Chief Business Officer, 99acres.com,said, &ldquoReal estate sentiments in Delhi NCR remained sombre with several projects embroiled in legal and delivery issues. However, with expansion of the metro network, the state government&rsquos effort to regularise illegal colonies and proposal to construct more affordable housing options, the real estate story of the city is expected to improve in the coming quarters. Increase in FSI will also spur vertical growth in Delhi.&rdquo
Price Trend Analysis (Jan-Mar 2015 vs. Oct-Dec 2014):
Delhi North, South, East, West, Dwarka
- Sector-17 in Dwarka was the top grosser in Delhi witnessing an appreciation of 9% in capital values in the first quarter of 2015. This sector was closely followed by sectors 4, 9, 10, 12 and 13 which clocked a rise of 8% each during the same span.
- 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% 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%. However, robust enquiries kept the market buoyant.
Noida and Greater Noida
- Proposal for two metro corridors in Greater Noida failed to give the necessary fillip to the Noida&rsquos realty. However, it kept the market afloat.
- Sectors 74 and 134 in Noida emerged as the top performers in the zone, with 10% price rise each. Considerable positive price movement in the premium project ofSupertechCapetown in sector 74, led to an overall spike in the locality.
- 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%.
Ghaziabad
- Capital values in Ghaziabad plateaued in Jan-Mar 2015 and Oct-Dec 2014 despitethe launch of numerous low and mid-range housing societies.
- Boasting ofseamless connectivity and well-developed social infrastructure,AhinsaKhand 1 was the top grosser with 7%spike in property prices between Oct-Dec 2014 and Jan-Mar 2015.
- AnkurVihar, NH 24, LalKuan and Rajendra Nagar recorded the maximum in capital values this quarter, by 5% to 7%.
Gurgaon, Faridabad, Dharuhera and Bhiwadi
- New Gurgaon witnessed a massive surge in property values by 11% 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%.
- Amongst the top non-performers in this zone were Manesar in Gurgaon and Sector 88 in Faridabad which recorded a price dip of 10% to 11%.
Rental Analysis (Jan-Mar 2015 vs. Jan-Mar 2014):
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% to 23% in one year.
- Premium localities such as Defence Colony, VasantVihar and AnandNiketan from South Delhi recorded a of 12% to 16%. Vacant housing units at higher ticket size forced leasers to reduce the asking rates.
Noida and Greater Noida
- Noida-Greater Noida and Delhi-Dwarka clocked 2% increase in rental rates each during the span.
- Sectors Zeta and Zeta I in Greater Noida were top grossers witnessing 14% annual hike. Rental values grewas a result of price feasibility and availability of ample properties in both furnished and semi-furnished conditions.
- Haphazard traffic movement and availability ofaffordable properties in more developed neighbourhoods led to a in rental rates in Sector 62, Noida by 10%.
- Absence of public transport and lack of social infrastructure adversely impacted the rental market of Sector 119, which saw prices dipping by 8%.
Ghaziabad
- Ghaziabad saw demand for rental properties leaping by 5% in Jan-Mar 2015 as compared to the previous year.
- Situated opposite the industrial areas of Noida, Sectors 62 and 63, VaibhavKhand in Indirapuram recorded maximum housing demand, therefore, highest spike in rental rates to the tune of 25%.
- AbhayKhand, Raj Nagar extension and Vasundharawitnessed 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% each.
Gurgaon, Faridabad, Dharuhera and Bhiwadi
- Rental markets of Faridabad and Gurgaon followed Ghaziabad with 3% to 4% spike.
- Sector 55 Gurgaon emerged as the top grosser with 25% 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 of 11% in rental rates.
- DLF Phase II saw a dip of 10% as it majorly offered independent houses/villas, whereas, the city saw maximum demand for multi-storey apartments.
Supply Analysis (Jan-Mar 2015 vs. Oct-Dec 2014):
- Being reasonably-priced and convenient to maintain, mid-sized 3BHK homes were the highest supplied in Delhi NCR.
- Properties within the price bracket of Rs 60 lakh to Rs 1 crore captured 23% of the market share.
- Continuing the trend from Oct-Dec 2014, 3BHK units were the front runners recording close to 45% supply in Jan-Mar 2015.
- Nearly 60% of the city&rsquos inventory fell in the ready-to-move-in category.
About 99acres.com:
Launched by Info Edge India Ltd. in September 2005, 99acres.com is a gateway to the one of the fastest growing property markets of the world, an information 'exchange' for buying, renting and selling of all types of residential and commercial properties anywhere in India. The website enables easy access to a huge property bank and allows direct connect with brokers/builders in cities as well as remote parts of the country. With over 8.5 million visitors visiting the website every month looking for real estatesolutions, 99acres.com over 8 lakh residential and commercial property listings and over 90,000 new projects. Not only this, it has the highest traffic share, time spent on site and maximum page views, making it the most popular real estate portal in the country. Backed by a strong team and a network across 40 cities in India, 99acres.com has garnered faith and support of the real estate community in India within a very short time span.
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