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Delhi-NCR property prices surge despite sluggish demand

By Religare
|

Despite subdued demand and huge unsold inventories, property prices in Delhi-NCR grew 1 per cent in the April-June quarter, according to a report by realty portal 99acres.com.

"Delhi NCR's property market continued its snail-paced trajectory from Jan-March 2015 to April-June 2015 with an insignificant growth of 1 per cent in property prices," the portal said in a statement.

It said that prices rose despite a huge inventory pile-up of 1.70 lakh units. On Delhi market, the portal said property prices fell by 2 per cent in April-June 2015 as compared to previous quarter.

 

"Property prices in South Delhi grew insignificantly, while that in North and West Delhi dropped by 5 per cent and 8 per cent, respectively. Dwarka's price graph declined by 4 per cent and East Delhi saw a stagnant real estate market," the statement said.

In Mehrauli, the prices went up by 7 per cent.

Commenting on the report, 99acres.com Chief Business Officer Narasimha Jayakumar said although the market looks grim with snowballing unsold residential inventory, there is an increase in office space absorption by IT/ITeS and ecommerce firms.

Higher office space leasing is expected to keep commercial and home rental markets of Noida and Gurgaon upbeat, he added.

Story first published: Thursday, August 6, 2015, 23:00 [IST]
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