Property deals in south and central Delhi are seeing traction during this festive season. Buyers are demanding newly constructed units in these markets. An interesting trend that has emerged is that there is more demand for newly built stilted properties instead of floors that are over six years old and without stilts, say property experts.
There is a price difference in properties that are new and stilted (apartments with parking available under stilts) versus old, non-stilt properties and are older than six years. The latter are being offered at discounted prices. There is a difference of almost 25% to 30% between such properties, says Shveta Jain of Cushman & Wakefield.
A new stilt floor in Defence Colony is likely to cost around Rs 8 crore to Rs 8.5 crore and a non-stilt property about Rs 6 crore to Rs 6.5 crore. “It is easier to own older properties in south Delhi because they are cheaper than the new ones and that is the reason why activity in these markets has improved,” Jain adds.
A 99 acres Insite report for the July to September 2016 quarter also said that builder floors in Malviya Nagar, Lajpat Nagar III and South Extension I saw an average increase of 5% in capital values.
Rents in upmarket areas of Greater Kailash II and Lajpat Nagar also saw an increase of 6% to 10% on account of recent infrastructure overhaul, the report says.
Builder floors witnessed the maximum supply in the city. Nearly 60% of the Capital’s market was held by independent houses and builder floors.