New Delhi: Nation's Hottest Property Destination
New Delhi: Nation's Hottest Property Destination
The realty sector is the most swiftly developing sector in India today with behemoth developments taking place all over the country. Being the national capital, Delhi attracts huge interests from buyers, investors and developers for property investments. Real estate in Delhi is a hit with all owing to its demographic advantage, good connectivity, high returns and cosmopolitan culture.
The property in India-be it residential, commercial or retail- has been witnessing speedy growth in all kinds of places. From cities to suburbs to towns, all regions are welcoming the real estate wave with both luxury and affordable structures coming up. The smaller cities and towns hold much more potential and scope for land developments than the metro cities. But, despite this, Delhi real estate is the preferred choice of all the leading investors and developers. As a result, the property market of the national capital keeps getting costlier everyday.
According to a survey conducted by global HR consultancy Mercer, New Delhi is the most expensive city in India. It has the highest cost of living for foreign professionals followed by Mumbai. The cost of housing is often the biggest expense for expatriates, which is why it played a crucial role in determining city rankings. Luanda in Angola topped the survey while Tokyo ranked second, Chad's Ndjamena third; Russia's Moscow scored fourth and Geneva in Switzerland fifth. The capital of India, New Delhi was at 85th position and Mumbai quickly followed at 89th while Bangalore stood behind at 190th place. Other Indian cities that won global rankings are Chennai and Kolkata at 195 and 207 respectively. It is thus evident that real estate in Delhi is among the top 100 costliest properties across the world.
Property in Delhi has seen its peak times and though it was affected by the economic slowdown, it never came crashing down. Not only has this city risen as an investment capital but given a boost to regions around it as well. For instance, property in NCR like Gurgaon and Noida has reached sky rocketing prices while Faridabad and Ghaziabad are witnessing humungous realty developments. Some of the reasons attributed to such mammoth growth in peripheral areas of Delhi include its unaffordable housing, saturation of land and increasing cost of living in the national capital. The proximity and excellent connectivity has bolstered the preference for Gurgaon and Noida as property destinations. They are coming with multitude of international standard integrated townships, residential and commercial complexes and shopping malls. Real estate in Delhi has paved a great way for perpetual growth in its surrounding regions and this is why Faridabad and Ghaziabad are all set to be the next realty hubs.
Property prices of houses, flats, apartments in Delhi are increasingly going out of reach for buyers while investors both NRIs and foreigners are taking keen interest in it. Both capital and rental values have spiraled up considerably leaving the migrants to deal with deep holes in pockets. According to sources, the capital value for apartments in Delhi range anywhere between Rs. 3,000 to Rs. 45,000 per sq. ft. depending on the area. For example- East, West and North regions cost between Rs. 3,000 to Rs. 13,000 per sq. ft. while costs in Central and South varies from Rs. 9,000 to Rs. 45,000 per square feet. One can rent 2BHK apartments in Delhi for Rs. 8,000 and can go up to a lakh per month while builder flats may cost between Rs. 10,000 to Rs. 125,000 per month.
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