Rated as the ninth-fastest growing housing market among the top cities in the world by Knight Frank, Delhi has prime residential plots across many of its localities. However, this region's major demand for real estate is in the budget and mid-income housing categories as these have received generous support from government incentives. Further, with the liquidity crisis in the latter half of the last decade, builders across 7 major cities reduced apartment sizes by up to 27% in the last 5 years. However, in the National Capital Region, these sizes saw a dip of only 6% ,according to Anarock, meaning that even given the current property rates in Delhi, you still get good value for your investment.
While Delhi property prices are constantly shifting, it is no surprise that more than 200 localities are witnessing a downtrend in real estate prices. However, this is just one half of the property price trend in Delhi as 212 localities are exhibiting an uptrend in prices. So, suppose you’re looking to take advantage of the localities that are soon to emerge as booming residential and commercial areas. In that case, it is crucial that you stay updated about the average Delhi plot price among other essential information.
To help you stay informed, read on to more about the land price in Delhi and the real estate pricing trend for the capital.
Current property rates in Delhi
In Delhi, house prices differ vastly based on the type listed. For instance, the cost of a multi-storey apartment will be pretty different from a builder floor apartment and similarly with residential plots and houses. So, knowing the current average cost and being informed about the specifics, like the property rates in South Delhi, is vital to making the best purchasing decision. As it stands, the average cost of a property in Delhi is Rs. 2.99 crore, and you can find apartments in Delhi that are as high as Rs. 100 crore. Further, as per Makaan.com, the total number of properties listed in Delhi is around 1.4 lakh and you can find listings for residential land in Delhi exceeding the Rs. 100 crore mark.
Property rates and price trends in Delhi
When looking for a Delhi flat, rate increments and dips are something you should be prepared for. As it is the capital, it isn’t uncommon to find people from all over the nation looking for an opportunity to settle down here. While it can be tough to stay ahead of the trend, few regions have special reports worth looking into.
For example, in Uttam Nagar, the cost per sq.ft can go up to Rs. 38,000. However, with just a 5% rise in price, the trend for this locality is worth noting because of the price/ sq.ft peaked in mid-2017, then sharply dropped until the start of 2018 and is now on an uptrend. This is also the case with Vasant Kunj and Noida. The average property rates for these regions are Rs. 33,599/ sq.ft and Rs. 24,935/ sq.ft respectively.
Property rates/ sq.ft in Delhi as per locality
Listed below is the Delhi property rate as per the locality it is situated in.
|Region||Average price/ sq.ft.|
|Greater Kailash||Rs. 61,104|
|Geetanjali Enclave||Rs. 72,604|
|Green Park||Rs. 26,508|
|Anand Niketan||Rs. 29,275|
List of top 5 localities (rate-wise)
Now that you’re better informed about Delhi property prices and some of its more prominent localities, the next step is to identify a suitable home loan in Delhi that can help you purchase cost-effectively. Avail of the Bajaj Finserv Home Loan as it offers a sanction of up to Rs. 3.5 crore and is available at competitive interest rates. Here you can opt to repay over an extended tenor lasting up to 30 years.
When coupled with PMAY benefits such as the interest subsidy of up to 6.5%, you can fine-tune your borrowing to keep your outgo optimal all through. Further, you also have access to a suite of property search services such as expert counsel and legal aid through this home loan. These benefits work together to ensure you have the best home purchase experience. To get access to home financing in a hassle-free manner, be sure to apply for this loan online.
Also Read: Here's why you should opt for a home loan
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