Latest Property rates In Delhi-NCR

Last one year has seen a global recession in all sectors leave alone Realty. In USA, property rates have fallen by over 50%. Even in India, effects of recession could be witnessed and a considerable decline could be clearly seen in commercial/residential properties. Rentals of Commercial shops declined sharply and many shopkeepers decided to move their shops from expensive malls to affordable areas.

Inspite of the global meltdown, one area which has been more or less immune to the changes in Delhi-NCR. Not much change has  been witnessed in the property prices here. Its true that the rates have not increased but they have not fallen either. The rates have been stable for over a year now.

I have seen news channels reporting crash in property prices and lots of stuff about Affordable Housing. When you go out in the market, you dont see any change in the prices. There is no change in the rates of ready to move in properties. The rates have dropped only for new projects and that too are located in inhabitable areas. New societies are being developed along the Noida-Gr. Noida Expressway with the tag of Affordable Housing. If you see the present situation, they are completely isolated and totally inhabited. Either there is nothing around or you will see villages around the society.

I do not see these areas being fully developed and comfortable for living even in the next five years. Let the state government change and you will see less activities in this region. There is hardly any means of transport here.There is no means to cross the killer expressway. I agree that this will be a good region to invest in long term. But how Long? Noone knows.

The current rates along the Noida-Greater Noida Expressway is 2700-3000 per sq ft. Add to this all the miscellaneous charges like car parking, EEC, etc . This will amount to around 5-6 lakhs.

In Greater Noida, few projects have been launched at reduced rates, the latest being King's park by Todays Homes. They are offering flats at 2600 per sq ft. Ready to move in flats can be purchased at around 2600-2800 per sq ft (total package). In few projects you can get even in 2100 per sq ft,e.g(Plumeria Garden developed by Uppal Chaddha).

In Indirapuram, the latest rates are also almost the same. You can get complete package between 2700-3100 per sq ft. Even new launch projects are offering the same rates. This area ia already developed and the rates are not going to fall. It has huge advantages as it is connected to whole NCR.

In Noida too, few projects have been launched in sector 61 and they too are in the same price range.

Important:

•  Check the quality of materials being used by the builders. They are making a huge profit by giving low quality fixtures, tiles etc. e.g, just using ceramic tiles in place of vitrified tiles saves them a lot of money.Builders have started using inferior materials at these reduced rates.Check everything and bargain hard.
• Check for the credibility of the builder. Many builders have run away with our hard earned money.
• People with good bargaining skills will get the benefit. I have seen builders giving the same flat in different terms and conditions to different buyers.
• Builders will always say that there are only few flats left. Infact, they save the best located flats to sell in the end at higher prices. Only if you remain firm on your choice, they will get back to you in a day or two and offer you the same flat. I myself have experienced this.

When you can bargain for each and everything in the roadside market, why can't for a property which is your life time investment.? The property rates have gone out of reach of common man. Its time that we get value for money. Eldeco Utopia residents (Sector 93-A, Noida) have decided to fight against the builder after he failed to deliver what he promised. Look out for my article on this in coming days.

One thing that we fail to realise is that the rates will fall automatically if the builders do not  get any buyers. Let us restrain ourselves for few more months and see the price fall ourselves. Many builders are under huge cash debt and they are launching new projects to gather money and complete their old projects.Only God knows the future of such projects. Its better to go for ready to move in projects. So, think before you invest.