Realty zooms in west Delhi, Gurgaon
Property prices in Delhi-NCR are on fire and the highest appreciation in the past two years has been in the upcoming areas, triggered by infrastructure development, reveals a survey by real estate portal 99 acres.com.delhi Updated: Oct 18, 2012 00:20 IST
Property prices in Delhi-NCR are on fire and the highest appreciation in the past two years has been in the upcoming areas, triggered by infrastructure development, reveals a survey by real estate portal 99 acres.com.
Gurgaon has seen the maximum price appreciation since September 2010, with Palam Vihar witnessing the highest rise of 85% per square foot.
Palam Vihar, where the rates have increased from Rs. 3,960 to Rs. 7,350 per square foot in the past two years, is expected to be connected by both Delhi Metro and Gurgaon Rapid Metro (feeder network).
Areas around Nirvana Country, Vatika City, Sohna Road and Sushant Lok have seen a price appreciation of 52-68% during the same period.
"The Delhi-NCR property market is upbeat and is expected to appreciate in capital value on account of low supply and huge latent demand," said Vineet Singh, business head, 99acres.com.
"Gurgaon is primarily a market with a high level of investor interest, while Noida is an end-user market."
In Delhi, though more preferred destinations such as Vasant Kunj, IP Extension and Mayur Vihar Phase I have seen a rise of 33-42%, the spike in Dwarka, Rohini and Vikaspuri is between 50% and 56%. Greater Kailash, however, shows a lower rise of 50% despite being one of the most expensive places.
Greenfield in Faridabad and Indirapuram in Ghaziabad have seen a price rise of 74% and 55%, respectively.
"Areas seeing a massive spike now had flat prices in the preceding years. DLF City in Gurgaon already had high rates while Palam Vihar had a low base price and is now going to be connected by Metro and Dwarka expressway, which is escalating the prices," said Ramesh Menon, director, Certes Realty Ltd.