Delhi Housing Supply Last 2 Years Been Low Compared To Its Counterparts
As per ANAROCK data, the Delhi housing supply over the last two years has been fairly low as compared to its counterparts – Gurugram and Noida. This is essentially due to demand-supply mismatch, there is massive demand for affordable housing in the city, while property prices in most pockets of the city have skyrocketed.
Despite being hit by the overall slowdown in the real estate market and seeing price corrections up to 10% in most areas, Delhi-NCR continues to be attractive to end-users and investors. Being the national capital, Delhi attracts migrants from all across the country. In fact, as per the Economic Survey of 2017, Delhi, Noida, Greater Noida and Gurugram saw the maximum influx of migrants between 2001 and 2011. Obviously, there is a dire need to fulfil the housing needs of these migrants.
Consequently, Delhi housing supply in the pockets that offer affordable or mid-segment projects have been performing relatively better than the expensive ones – such as Greater Kailash II, Panchsheel Park and South Extension II, to name a few. In 2018 as well, it is the affordable micro-markets which are driving real estate growth in the city. Besides affordable prices, improved metro connectivity in these areas will also attract prospective home buyers.
Delhi Housing Supply most vibrant affordable housing hotspots:
- L-Zone (Dwarka): Strategically located between Dwarka, Gurugram and IGI airport, L-Zone is among Delhi-NCR’s most preferred property hotspot in 2018. As per ANAROCK data, nearly 2,050 units have been launched in the L-Zone over the past two years, with the maximum supply being in the mid-range segment (Rs. 40 – 80 lakh), followed by the affordable segment (< Rs. 40 lakh). The weighted average price of properties here is Rs. 3,454/sq. ft.
- Uttam Nagar: Located in West Delhi, Uttam Nagar has shown massive real estate growth over the last few years. Affordable property prices have kept the momentum going here, with the current capital values ranging between Rs. 3,150 – 6,050/sq. ft. The monthly rentals for a 1BHK are as low as Rs. 5,000, thereby luring several existing homeowners to redevelop their old standalone properties and build more floors for good rental returns.
- Rohini: Home to two metro stations, Rohini in north-west Delhi continues to be a popular housing destination for end-users and investors alike. The locality boasts of excellent connectivity to other major areas via metro. Additionally, its proximity to the Bawana Industrial Area has triggered developments along Rohini’s Phases 4 and 5. Capital values range anywhere between Rs. 7,300-12,500/sq. ft., which is far cheaper than several other localities in the vicinity.
Gurugram Real Estate, hotspot check
- Sohna: AKA ‘South Gurugram,’ Sohna has found favour among affordable housing seekers due to its proximity to various office and industrial hubs. Almost 50% of the new supply was in the affordable housing category (< Rs. 40 lakh), followed by an equal mix of mid-segment (Rs. 40-80 lakh) and luxury segment (Rs. 80 lakh – 1.5 cr) flats. The weighted average price of residential properties during this period has been Rs 4,370 per sq. ft.
- Sector 65: Proximity to key office hubs, convenient access to HUDA city metro station and its well-defined social infrastructure qualify Sector 65 as a bona fide Gurugram real estate hotspot in 2018. Located on Golf Course Extension Road, Sector 65 witnessed the launch of close to 1,600 units from January 2017 till date, with the supply comprising of homes priced between Rs. 6,900 – 10,000/sq. ft.
- Sector 68: A preferred locality for both office and housing developments, Sector 68 continues to be attractive to developers, end-users and investors. Sound social infrastructure and good connectivity via the Golf Course Extension Road and NH 248A have added advantages for Sector 68. ANAROCK data indicates that this micro-market saw the launch of close to 1,500 housing units from January 2017 till date, with their completion pegged at within 2-3 years. With the weighted average price here being Rs. 4,090/sq. ft., its affordability factor makes Sector 68 score quite well over other localities.
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