Real estate in Delhi NCR has been
withstanding slump for quiet sometime now. Exorbitant realty rates have frozen
buyers' sentiments to a good extent. Most of the constructions that are on
their way target elite class; there is virtually nothing much worthwhile that
is happening for low and mid- income groups. Delhi itself has reached
saturation stage as far as its carrying capacity for newer constructions is
concerned. Though after DDA's Land Pool Policy, a number of alternative markets
have emerged, but that too are set to see residential constructions skewed
towards upper-middle and upper category.
Delhi NCR property prices in
Millennium City, Gurgaon, too float towards the upper-side. For those who are
on the lookout for replacement markets for buying a house, Gurgaon comes as a
good alternative, yet, the almost-absorbed land and extortionately high rates
have acted as dampeners for property-seekers from mid-income groups. Noida,
still affordable in many terms, suffers from poor local connectivity and still
has to go a long way before it fits the description of a cosmopolitan city.
Other alternatives like
Faridabad, Palwal, Bhiwadi and Ghaziabad lack the kind of appeal that the
buyers have for Delhi and Gurgaon. Lower employment opportunities, lackadaisical
attitude of corporates, and below-par connectivity status are the prime factors
that have balked full-fledged growth of property in Noida
across these sub-cities. Faridabad, Delhi, Gurgaon which is witnessing a number
of property constructions currently has only limited resources to afford any
big-scale constructions. Questions have also been raised over construction
quality and credibility of small-budget developers and builders. Even a big
name like BPTP was caught into controversy after its delivered altogether
different plots to the buyers than that was previously allotted.
Delayed constructions and late
possessions have also played a role in drenching buyers' sentiments to a great
extent. The story is true for major cities of Delhi NCR. It is mostly the eminent
builders that have failed to establish their credibility in proper market.
Buyers who have paid a large part of their purchased property, an endless wait
cam be the most dreadful thing.
In 2013, high interest and
inflationary rates were responsible for bringing the stagnation phase in Delhi
NCR realty market. The weakened rupee against dollar and almost no price
correction prevented the buyers from taking a plunge. In 2014, the things seem
to have improved somewhat. But the real picture shall be clear only after
elections are over.
Those who are on the
look out to make but this year can consult Indian real estate websites.