Property in Delhi: Prices All Set to Correct in the Coming Months

Delhi Property at Makaan.com

While every now and then, our talks about property in Delhi are highly focused on an exclusive topic: the prices in the city. Here too, I am going to have a few words about the ongoing rates in the capital. But this time, I am not going to rant about the skyrocketing rates, the reason being that these are going to see a steep fall in the coming months. As per the Jones Lang LaSalle report, the prices of the Delhi's residential properties are all geared to see a downfall. The main factor behind this is that the number of inventories lying vacant has reached a high value.

It can be seen like this: the prices kept on escalating year after year. The developers made it sure that the rates rose steeply, and that they did not correct. They, by creating an artificial demand market, let the prices soar like anything. The results were not good. The demand for a property in Delhi started tumbling. Even the elite segment found the properties out of their budget. As the demand started falling, the number of unsold inventories kept on building, month after month. And as the situation worsened, the developers were left with piles of unsold inventories. This, in turn, resulted in step-downing of the capital rates

In general, the average period for the unsold properties is around 15 months, but in case of Delhi, it has reached over 23 months. Such a scenario suggests that the prices are going to see a fall. An estimated depreciation of 12% is expected in the city. This would be good for the end-users who were holding themselves back from making any investment on real estate. The market is already seeing a correction in some localities of South Delhi. The prices in the localities like Vasant Kunj and Defenece Colony had crossed all the possible limits.

The developers had enough of their manipulations of property in Delhi; now the market trends are expected to incline towards end-users. And with market going in favor of buyers' sentiments, the demand shall rise again.

Makaan.com, a property websites with intelligent search facility, allows the end-users buy, sell, or rent property in Delhi, and other major Indian cities. Buyers can locate properties in their preferred localities and within the price-brackets that suit them the best.