The Indian capital city of New Delhi is now a favorite destination for investors who want to invest money in its rapidly growing real estate sector. Apart from being the political hub of the country, New Delhi also attracts hordes of upwardly mobile professionals who come here seeking better opportunities and are keen on owning a settlement here. No wonder, for various reasons, Property in Delhi is presently one of the top three destinations for real estate investors in Asia. The recent addition to its infrastructure such as the Metro Rail project has only added to the attraction of this metropolis.
Renowned constructions companies from all over India are now busy building scores of residential apartments to cater to the needs of an ever increasing number of people. It has been observed recently that the global financial meltdown notwithstanding, Delhi real estate market is growing at a highly impressive rate. People working in and around Delhi are now willing to settle down in the national capital. When its Metro Rail network is expanded according to plan, it will provide further boost to the real estate market.
And one should not forget the forthcoming Commonwealth Games to be held in Delhi. Like what happened during the Asian Games in 1982, this too has already resulted in construction companies coming forward to build residential apartments in and around the game sites for accommodating tourists, which would later become homes for residents of Delhi. The hosting of the Commonwealth Games is also likely to lead to further development of the road and transport system in the city. A six-lane National Highway 8 will be in place soon for better connectivity with places like Gurgaon and Noida.
With the arrival and growth of several internationally renowned companies in Delhi property values have expectedly shown an upward trend. This is because of a growing demand from cash-rich professionals for upmarket luxury properties. These highly paid professionals prefer fully furnished, lifestyle homes instead of the run-of-the-mill apartments available in Delhi.
Rapidly developing areas like Vasant Kunj have witnessed a rising demand for land and property in and around this area. Hike in real estate prices has also been observed in areas like Greater Kailash. Prices of land have already reached Rs 12,000 per sq yd in nearby localities where some big companies have set shops. A number of NRI investors are buying land to create land banks for the purpose of investment.
There are, however, some areas of concern because of a likely some slowdown due to excessive supply, particularly in the luxury housing segment, and high rentals. High home loans interest and high property values are making it difficult for consumers to purchase real estate in Delhi. Analysts, however, are of the view that this is only a temporary phase. The focus of the investors and consumers will shift to the Delhi’s suburban areas where the costs are still affordable. So, the real estate scenario in Delhi continues to be encouraging and is likely to remain so in spite of some temporary hurdles that might cause some roadblocks for a while.
Filed under: India, New Delhi, Real Estate , Delhi, Delhi prices, delhi property, delhi property prices, Delhi Real Estate, Delhi Real Estate prices, delhi real estate property, delhi realty, inda, India, nce property, ncr proeprty, new delhi, new delhi apartments, new delhi real estate, property in delhi, real estate in delhi
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