Sunday, July 29, 2012

Best Locations In Delhi To Buy Residential Properties

Delhi has always been a lucrative real estate destination for real estate developers, investors and professionals. Not only, as a real estate market by many investors and developers, but the place is also in demand by buyers. It witnesses people coming from different parts of the country and getting settled here. Even the recent economic slowdown has not been able to stop people from buying a house even at sky-rocketing prices in the most posh localities of the city.

Overcoming the realty market slowdown, the residential market seems to be swiftly rising up. The segment has got lots in store to offer the buyers, from New Projects to corrected rental values. Areas like Golf Link,Vasant Vihar, Chanakyapuri, Anand Niketan, Shanti Niketan, Niti Bagh are just to name a few that can boast of numerous latest projects by developers like Unitech, Omaxe, DLF, Parsvnath Developers etc.

Due to a higher standard of living and higher economy rate of people in Delhi, the property rates have increased exponentially.

The central Delhi has always been a hub of real estate activities in the city. South Delhi comes the close second. Though west, north and eastern zones of the city have so far been bustling with real estate activities but it's the central Delhi which has remained the hot cake of the Delhi property market.
A few of the most sought after residential localities and their average prices per Sqft:

Area-Property Type-Avg Price/Sqft(INR)-Avg Rents/Sqft(INR)
Golf Links-Apartments-40383-70
Plots-61648
Jor bagh-Apartments-25702-106
Chanakyapuri-Apartments-33958-94
Plots-78752
Westend-Apartments-32112-89
Connaught Place-Apartments-24529-71
Vasant Vihar-Apartments-21489-48
Plots-49249

While the Central Delhi is still the most preferred location for buyers as well as investors, it is the South East that has got the most economical locations to offer.

Area-Property Type-Avg Price/Sqft(INR)-Avg Rents/Sqft(INR)
Khanpur-Apartments-2497-N.A.
Plots-1134
Dwarka Sector 5-Apartments-3683-8
Mehrauli-Apartments-3011-11
Plots-6129
Uttam Nagar-Apartments-3049-9
Plots-3486

Though, not really very posh or popular, the above localities do offer very low prices. Uttam Nagar, Dwarka, Mehrauli etc. have very low average prices for all the property types. Chattar pur, Dilshad garden, Rohini etc. can also be worth giving a thought. However, the economical localities are yet to visit development activities and have not yet made it in the developers' hot list but there is a gradual addition of new projects. Though a few of them do offer promising future e.g. Dwarka, Rohini, Chattar pur etc. which are still under constant development phase, and have quit a few new projects. And then there are localities that are not as posh as their counterparts of the Central delhi area, but still manage to have a reputation.

These localities, most of them near Central Delhi, are way ahead of the economical localities in terms of infrastructure and are priced well below the Central Delhi areas. Greater Kailash, Saket, Kailash Colony, Alaknanda etc. all are in the vicinity of areas like Golf Link, Hauz Khas, and Defence Colony etc. These can be a good option for the upper middle class and people who need their homes and localities to speak about their status, but without burning a big hole in their pockets.

Area-Property Type-Avg Price/Sqft(INR)-Avg Rents/Sqft(INR)
Greater Kailsash-I,II-Apartments-8884,9268-24,27
Plots-22866,23609
Saket-Apartments-9765-20
Plots-16683
Kailash Colony-Apartments-9466-27
Plots-24106
Maharani Bagh-Apartments-13831-49
Plots-25278

Thus, proper market research is required before you plan to buy a property.It is important to have a clear picture of the type of home and the locality in mind before you can start working out the budget. Because, same house can be cheaper in a belittle area with loads of traffic than in a new development area with calm surroundings. Similarly, a semi-furnished apartment would cost lesser than a furnished individual house. So, in order to buy/sell/rent a property, a proper estimation of the property is required keeping in mind the two major price deciding factors: locality and type of property.

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