South Delhi, Noida and Gurgaon race ahead in Property price appreciation in Delhi NCR - MakaanIQ
The Delhi NCR real estate market consists of a decent mix of end use and investor interest. In an attempt to update & inform real estate investors regarding areas that have appreciated the most, Makaan.com, the fastest growing property website in India, conducted a research during the month of May 2012. The research tracked residential property prices in April-May 2012 and compared them with the corresponding figures for last year. The study was conducted across 5 major cities – Delhi NCR, Mumbai, Bangalore, Pune and Hyderabad. The research for Delhi NCR was conducted among 106 key localities. Here are some findings of the research.
1. Localities that have appreciated the maximum (see infographics on left) belong to different areas of Delhi NCR including South Delhi property, Gurgaon, Noida, Dwarka, West Delhi among others. This is an interesting finding as it goes against the popular belief that high growth areas are limited to NCR region.
2. South Delhi localities like Greater Kailash and Vasant Kunj have posted the maximum price appreciation across Delhi NCR region. Typically one would not expect these areas to show high growth due to high per square feet (psf) rate but they still managed to grow smartly. This growth can be attributed to the superior connectivity, infrastructure and an unparallel inspirational value attached with these localities.
3. Gurgaon has the maximum number of localities that have shown high % price appreciation in NCR list. This appreciation is visible in both established areas like Palam Vihar, Sector 47 and Sohna Road that have seen price rise of 46%, 32% and 24% respectively and also in some upcoming localities like Sector: 67 and 82A have also risen by 34% and 24% respectively.
| Sub-cities | Locality |
Average property prices in psf April - May 2011 |
Average property prices in psf April- May 2012 |
% Appreciation |
| South Delhi | Greater Kailash | 15,903 | 25,300 | 59.1 |
|---|---|---|---|---|
| Noida | Taj Expressway | 2,537 | 3,725 | 46.8 |
| Gurgaon | Palam Vihar | 4,732 | 6,887 | 45.5 |
| South Delhi | Vasant Kunj | 13,702 | 17,050 | 26.0 |
| Noida | Sector-137 | 2,962 | 4,148 | 40.0 |
| Dwarka | Sector-5 | 6,978 | 9,730 | 39.4 |
| Noida | Sector-76 | 2,922 | 3,935 | 34.7 |
| Gurgaon | Sector-67 | 4,293 | 5,749 | 33.9 |
| Noida | Sector-75 | 2,624 | 3,465 | 32.0 |
| Gurgaon | Sector-47 | 5,299 | 6,988 | 31.9 |
4. When it comes to Noida, home buyers have shown their clear preference for two main areas i.e., first is along the expressway where-in localities of Taj Expressway and Sector 137 have appreciated by 40%. The next preference is for upcoming sectors like 75 & 76 which have seen an appreciation of over 30%. This can be attributed to the ongoing stalemate in Greater Noida and Noida Extension which has shifted buyer focus to these localities.
5. The dream run for localities in Dwarka continues with Sector 5, 6, 10 and 18 reporting property price appreciations in 30-40% range. The property prices in Dwarka have been on a continuous rise ever since the Metro service was introduced in the sub-city. People find Dwarka extremely well connected to Gurgaon and Central Delhi and this is the main reason for their preference.
6. Localities like Rohini in North Delhi, Nahar Par in Faridabad, Vikas Puri in West Delhi and Shalimar Garden in Ghaziabad have appreciated by 25%, 22%, 21% and 21% respectively.
Commenting on the findings Mr. Aditya Verma – COO, Makaan.com says “This research once again reinforces that good infrastructure, superior connectivity and consumer convenience will continue to be the established mantra of real estate success. It also establishes that existing prices need not be a deterrent to the growth potential of any area”.