Housing prices drop in Delhi-NCR

Housing prices fell by 1 per cent in Delhi-NCR during January-March this year compared with the previous quarter on sluggish demand, according to a report by realty portal 99acres. Rentals also fell by 1 per cent during the last one year.

The report captures capital and rental price trends of the residential realty market on quarterly basis across seven major cities of India. “Property prices per sq ft in Delhi NCR witnessed a minimal downtrend of 1 per cent in January-March as compared to October-December 2015,” the company said in a statement.

The rental market, too, plateaued over the past one year, it said.

“Delhi NCR’s real estate graph continued to delineate a marginal downtrend, with the land pooling policy of the government offering a ray of hope,” said Narasimha Jayakumar, Chief Business Officer, 99acres.

The national capital also witnessed the second highest absorption of office space in the country, predicting an optimistic future for the rental landscape, in the long run, he added.

“Most buyers and inventors await the completion of the Noida-Greater Noida metro corridor, anticipating an overhaul in the real estate story of the twin cities,” Jayakumar said. In Delhi, the capital market of apartments continued to remain lack lustre in the first quarter of 2015 with limited number of new launches across the city.

“A few localities fared well on the capital growth index, primarily due to over-ambitious ‘ask’ rates by sellers. One such locality, Dilshad Garden, noted a capital hike of 5 per cent in January-March 2016 against the previous quarter,” Despite the huge supply pipeline, some sectors in Dwarka — sector 14, 12 and 7 –- witnessed a quarterly increase in capital values to the tune of 2-3 per cent. — PTI