Central Delhi Properties Rule the Roost
Property values might be going through correction all across the country but there are no such signs visible in Central Delhi. On the contrary, real estate consultants observe that both capital values and rentals are consistently increasing in the belt.
"The supply of fresh properties in Central Delhi is equal to nil. Areas like Barakhamba, Tolstoy Marg, Aurangzeb Road, KG Marg, Golf Links, Pandhara Road come under Lutyen's Delhi and no construction is allowed in the area. Consequently, demand curve outstrips supply," said RK Bhatnagar of BGB Investment.
According to MagicBricks.com Research, an area of 45 lakh sq. ft is available in the Central Delhi suitable for construction. Sources inform that about 41 large-size plots, owned by developers and individuals who are residing in Delhi for decades, are also there in the area.
Experts say that if the present condition continues in the coming years, property values in this area will break all records. In my view, Delhi Properties will beat New York and Tokyo by 2010, Bhatnagar quips.
Anuj Puri, chairman and country head of Jones Lang LaSalle Meghraj (JLLM), a real estate advisory, also agrees, "The demand for bungalows and apartments in prime areas of central and south Delhi is likely to stay astronomically high over the next year. Diplomats and large corporate houses are the main drivers of demand for residential accommodation in these areas."
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.
Notably, 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.
By George Gonigal
George Gonigal provides you the best and latest information on Delhi Real Estate Builders , if you want to Buy Apartments in Delhi. he suggest you log on to magicbricks.com
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