Tuesday, 31 March 2015

Interested in buying property in Dwarka? Best time is now

Dwarka has always been one of the most sought after residential destinations in Delhi. If you have been looking to buy a home here, then this is probably a good time to get a deal. Why? Read on.

The Delhi market has remained low for quite some time now. While it has been largely attributed to the low buyer sentiments across the country, this might just be taken as an opportunity for those looking to buy a home in preferred areas of the city. Sectors in Dwarka have always been on the radar for those seeking a home near Gurgaon. This seems to be the right time for them to close a deal here.

Why? Well, all the prime sectors of Dwarka have been witnessing a drop in capital values in the last one year or so. For instance, as per surveyed data, sectors such as sector 12, 6, 22, 5 and 19 in Dwarka have witnessed either stable or falling values in the last six months.

“Demand has never really dropped in Dwarka. However, sellers, particularly investors, were finding it difficult to hold the prices initially quoted by them as buyers were not finalising purchases. For those looking to exit the market, lowering prices was the only option. For instance, we recently sold a flat for Rs 95 lakh which was initially pegged at Rs 1.2 crore,” exclaims Tarvinder Singh Rana, partner, Dhruv Estate.

Another city base realtor says that the older sectors such as sectors 4 and 10 are finding it difficult to find buyers. “Sellers in the older sectors are willing to slash rates as demand is low here. At least 50 per cent of the sellers who approached us with a flat were unable to find a buyer. This has resulted in falling values,” says Ahmed Zufair of WorldTrade Properties.

As per the brokers in the locality, the maximum demand is being witnessed for 2 and 3BHK units. “While a 2BHK command anywhere between Rs 80 lakh to 1 crore a 3BHK is available for Rs 1-1.25 crore,” adds Rana.

This means extending your budget slightly might just get you a 3BHK flat in Dwarka. However, you really need to do your research and be fast to finalise the deal. As markets are already improving, prices are expected to rise. With Gurgaon being far more expensive, Dwarka is never out of demand. This might just be the final chance for you to get a good bargain.

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