Real Estate in Delhi NCR: Dampened

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.