The Delhi NCT market continues to remain under stress. There have been intense searches by consumers but not many transactions, notes the latest edition of PropIndex, the quarterly India Apartment Index report for April-June 2015. In most localities there has been significant correction of 20-30% (drop by 5%) in listed values in the past two years.
There is demand for completed property with legal titles. There is significant mismatch in demand and supply. Demand is for apartments in gated communities but single floors on plotted developments, DDA apartments and cooperative group housing societies form bulk of the stock. There is huge vacant stock ready for possession.
Even apartments constructed in 2009-2011 in Dwarka have been lying vacant because of legal tangles and scams. These have not been cleared and buyers have held draws and occupied these units. While this is an option for end users, it is a problem when these properties have to be transacted.
Unplanned redevelopment of plotted units has resulted in severe infrastructure and parking problems in existing localities where housing units have increased with no civic amenities.
Source: PropertyatNeoDevelopers.Wordpress.Com
There is demand for completed property with legal titles. There is significant mismatch in demand and supply. Demand is for apartments in gated communities but single floors on plotted developments, DDA apartments and cooperative group housing societies form bulk of the stock. There is huge vacant stock ready for possession.
Even apartments constructed in 2009-2011 in Dwarka have been lying vacant because of legal tangles and scams. These have not been cleared and buyers have held draws and occupied these units. While this is an option for end users, it is a problem when these properties have to be transacted.
Unplanned redevelopment of plotted units has resulted in severe infrastructure and parking problems in existing localities where housing units have increased with no civic amenities.
Source: PropertyatNeoDevelopers.Wordpress.Com
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