The Delhi residential real estate market has been witnessing a rising upward trend over the last four to five years, in line with the situation of property markets across India. Availability of easy home-loans, handsome salary packages offered in the private sector and the coming of big private builders in the market have contributed to the appreciation of property in the residential segments.
The residential colonies in Delhi can be classified according to their geographical placement and the social prestige (associated with the inhabitants of the area). The prime residential areas fall under Central Delhi and South Delhi. The demand for bungalows and apartments in prime areas of central and south Delhi is likely to stay high over the next year, says Anuj Puri, chairman and country head of JLLM, a real estate advisory. Diplomats and large corporate houses are the main drivers of demand for residential accommodation in these areas.
Property values are expected to go up due to the increasing demand coupled with limited supply of residential units. Moreover increase in demand of residential units as more and more families desire to settle down in Delhi, this will further accelerate property values, Puri adds.
Point to note is however, Delhi is now more or less saturated and the high demand for residential properties has increased rates beyond the reach of the middle class. As a result, the suburban towns within the NCR have become destinations for new residential projects that offer affordable quality housing to the middle class as well as luxury housing for high- end users.
The Gurgaon residential real estate market has also seen a continuous rise in the past few years, driven primarily by strong commercial growth and the need to accommodate pressures of urbanization. Property values are expected to remain stable in 2008 as many new projects are coming in the region.
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