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Property prices in Delhi-NCR back to 2007 levels: 99acres.com

A study by Info Edge India’s property portal 99acres.com reveals that the property price trends for the Delhi and NCR (National Capital Region) region have seen an escalation if one compares per square feet prices of Q4-2010 over Q1-2010. According to 99acres.com, the trends clearly prove that 2010 was a year of revival and the overall sentiment of the sector has improved dramatically since the downturn and property prices are back to the 2007 levels.

A study by Info Edge India’s property portal 99acres.com reveals that the property price trends for the Delhi and NCR (National Capital Region) region have seen an escalation if one compares per square feet prices of Q4-2010 over Q1-2010. According to 99acres.com, the trends clearly prove that 2010 was a year of revival and the overall sentiment of the sector has improved dramatically since the downturn and property prices are back to the 2007 levels.

Vineet Singh, business head, 99acres.com, has said “Over the last 18 months, Delhi-NCR has become a unique market. On the one hand there is Noida which has emerged as the end-user hub as there is a lot of supply resulting in minimal price increase of 10-20 per cent over a 12-month period. On the other side is Gurgaon which is an investor’s paradise with rates increasing by over 35-40 per cent over the last year. This unique balance continues to drive the Delhi-NCR market to new highs.”

“In the city of Delhi, we have seen continued price increase (as expected due to hardly any new inventory being available) across the city in a range of 20-50 per cent. I remain very bullish on the Delhi-NCR market with Noida being my top end-user pick and Gurgaon the top investor pick across India,” Vineet Singh has added.

A look at the property prices of localities of Delhi show that Vasant Kunj and Uttam Nagar have seen a 16 per cent and 24 per cent appreciation in prices respectively if one compares Q4-2010 prices over Q1-2010. The prevailing rates of these localities are at Rs 11,000 per square feet for Vasant Kunj and Rs 3,100 per square feet for Uttam Nagar. With the introduction of the metro rail service, Dwarka has gained a lot of popularity and property prices of almost all localities in Dwarka have seen an upswing. Sector 11 saw prices rise by 35 per cent and Sector 10 saw a 23 per cent increase in property prices.

The Noida and Ghaziabad region has also emerged as one of most popular destinations for housing because it offers a perfect blend of industrialization and habitation. With improved road and metro connectivity the commuting time to Delhi has also reduced considerably. Sector 93 and Sector 50 of Noida saw prices moving up by 14 per cent and 6 per cent in Q4-2010 over Q1-2010. The property prices in these localities are at Rs 4,800 per square feet and Rs 5,300 per square feet. Ghaziabad has also seen steadily upward moving property rates with Vaishali and Indrapuram witnessing a 9 per cent upward movement in prices in Q4-2010 over Q1-2010.

Localities of Gurgaon also witnessed an upward trend in property prices. Properties located on the Golf Course Road and Sector 56 in Gurgaon shows the highest appreciation with prices moving up by 38 per cent and 39 per cent respectively in Q4-2010 over Q1-2010. Localities like Nirvana Country and Sushant Lok witnessed 34 per cent increase in prices respectively in Q4-2010 over Q1-2010 with property prices floating around Rs 5,500 per square feet and Rs 6,600 per square feet in Q4-2010.

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