Delhi-NCR real estate prices stagnant in Jan-Mar; 3BHK units most popular: 99acres

Property prices per square feet in Delhi-NCR have witnessed a marginal growth of 1 per cent in January-March 2015 over October-December 2014, according to a report by 99acres.com.

Rental values have seen an average increase of 3 per cent in the January-March quarter compared to the same quarter in the preceding year. Supply of residential apartments dipped from 71 per cent in the Oct-Dec 2014 to 64 per cent in Jan-Mar 2015. Houses with 3BHK units continue to be the most popular configuration of Delhi NCR's inventory.

Commenting on the report, Narasimha Jayakumar, chief business officer, 99acres.com, says: "Real estate sentiments in Delhi NCR remained sombre with several projects embroiled in legal and delivery issues. However, with expansion of the metro network, the state government's effort to regularise illegal colonies and proposal to construct more affordable housing options, the real estate story of the city is expected to improve in the coming quarters. Increase in FSI (floor space index) will also spur vertical growth in Delhi."

PRICE TREND ANALYSIS (Jan-Mar 2015 vs Oct-Dec 2014):

Delhi North, South, East, West, Dwarka

• Sector-17 in Dwarka was the top grosser in Delhi witnessing an appreciation of 9 per cent in capital values in the first quarter of 2015.
• Riding on the wave of new road infrastructure, the lack of which would cause immense traffic snarls, Greater Kailash I and Lajpat Nagar recorded a spike of 8 per cent in the quarter ending March 2015 versus the previous quarter.
• East Delhi localities such as Vasundhara Enclave and Patparganj saw a dip in property prices to the tune of 1 per cent to 2 per cent.

• Proposal for two metro corridors in Greater Noida failed to give the necessary fillip to the Noida's realty. However, it kept the market afloat.
• Sectors 74 and 134 in Noida emerged as the top performers in the zone, with 10 per cent price rise each.
• Amongst the non-performers in the zone, majority of the locales were from Greater Noida. Sectors Beta 2, Zeta, Pi I and II and Omicron saw prices dipping by 6-15 per cent.

• Capital values in Ghaziabad remained stable in Jan-Mar 2015 and Oct-Dec 2014 despite the launch of numerous low and mid-range housing societies.
• Boasting of seamless connectivity and well-developed social infrastructure, Ahinsa Khand 1 was the top grosser with 7 per cent spike in property prices between Oct-Dec 2014 and Jan-Mar 2015.
• Ankur Vihar, NH 24, Lal Kuan and Rajendra Nagar recorded the maximum drop in capital values this quarter, by 5 per cent to 7 per cent.

• New Gurgaon witnessed a massive surge in property values by 11 per cent as a result of certain sectors being in proximity to NH 8.
• Prices in Bhiwadi and Faridabad remained stagnant, while that in Gurgaon crawled up by 1 per cent.
• Amongst the top non-performers in this zone were Manesar in Gurgaon and Sector 88 in Faridabad which recorded a price dip of 10 per cent to 11 per cent.

RENTAL ANALYSIS (Jan-Mar 2015 vs Jan-Mar 2014):

Delhi North, South, East, West, Dwarka

• Sharing an inverse relation with sales volume, rental demand saw a decent rise in all the zones of Delhi NCR.
• The top performers in this zone were localities from Dwarka such as sectors 4, 10, 18A and 18B, where rental values increased to the tune of 15 per cent to 23 per cent in one year.
• Premium localities such as Defence Colony, Vasant Vihar and Anand Niketan from South Delhi recorded a drop of 12 per cent to 16 per cent. Vacant housing units at higher ticket size forced leasers to reduce the asking rates.

Noida and Greater Noida

• Noida-Greater Noida and Delhi-Dwarka clocked 2 per cent increase in rental rates each during the span.
• Sectors Zeta and Zeta I in Greater Noida were top grossers witnessing 14 per cent annual hike.

Ghaziabad

• Ghaziabad saw demand for rental properties leaping by 5 per cent in Jan-Mar 2015 as compared to the previous year.
• Situated opposite the industrial areas of Noida, Sectors 62 and 63, Vaibhav Khand in Indirapuram recorded maximum housing demand, therefore, highest spike in rental rates to the tune of 25 per cent.
• Abhay Khand, Raj Nagar extension and Vasundhara witnessed stagnant markets in Jan-Mar 2015. Low occupancy and lack of public transport limited rental demand in Raj Nagar Extension.
• Being highly-priced locations, both Indirapuram and Vaishali saw a shift in rental demand and hence, dipping prices to the tune of 7 per cent each.

Gurgaon, Faridabad, Dharuhera and Bhiwadi

• Rental markets of Faridabad and Gurgaon followed Ghaziabad with 3 per cent to 4 per cent spike.
• Sector 55 Gurgaon emerged as the top grosser with 25 per cent appreciation in rental values due to its comparative affordability to all DLF Phases.
• With only a few towers delivered in some projects, Sector 89 in Gurgaon recorded a drop of 11 per cent in rental rates.

SUPPLY ANALYSIS (Jan-Mar 2015 vs. Oct-Dec 2014):

• Being reasonably-priced and convenient to maintain, mid-sized 3BHK homes were the highest supplied in Delhi NCR.
• Properties within the price bracket of Rs 60 lakh to Rs 1 crore captured 23 per cent of the market share.
• Continuing the trend from Oct-Dec 2014, 3BHK units were the front runners recording close to 45 per cent supply in Jan-Mar 2015.
• Nearly 60 per cent of the city's inventory fell in the ready-to-move-in category.