It has been expecting that buying house in Delhi is going to become a very expensive propositions and would be out of the most people reach. According to the survey conducted, the average property rates in Delhi is Rs 1.93 crore, while in the next five years the average price are seen to be projected to hit Rs 3.27 crore witnessing an increase of 69%.
This finding is basically on the basis of sample size 2734 respondents falling within the age bracket of 30-39 years. Delhi, which is recognized to be the most expensive city to live in is thus expected to witness even more appreciation in the property prices in the next five years. The annual appreciation for the price is between 15 to 20% while the average price should be around Rs 2 crore. The survey also featured that nearly 45% of the buyers are seen to opt for the second hand houses in this city.
As a matter of fact there is a hope in the form of the unlocking of the peripheral land for the residential development, while the fresh supply are thus expected in the certain areas like Rohini Extension thus significantly throwing the affordable housing in the low to the mid segment. With the slowdown in the sales the price for the upmarket residential areas in this city has been seen to be drop down by 20% thus forcing the builders to settle for less to cut inventory buildup.
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