NCR market shows signs of revival

Housing prices in Delhi-NCR rose by an average 3 per cent during October-December period of 2014 as compared to the previous quarter as property market showed some signs of improvement, according to a report by real estate portal 99acres.com.

“With healthy appreciation in housing prices in most residential pockets, the realty atmosphere in Delhi-NCR seems to be improving,” the portal said in its report ‘Insite’, which focuses on capital and rental price trends in housing segment across seven major cities of India.

Micro-markets of Greater Noida, Bhiwadi and Dharuhera have recovered from last quarter’s dip and so have most localities in Delhi, the report said, adding that the growth is seen as a result of key policy announcements and stability of new governance at the Centre.

“...Delhi-NCR realty market is showing some signs of improvement after a sluggish patch of two years. Number of queries have considerably increased, however, the transaction volumes are still low,” company’s Chief Business Officer Narasimha Jayakumar said.

Surajpur in Greater Noida topped the ROI (return on investment) charts for Delhi-NCR in October-December 2014 with 20 per cent rise in the capital value of residential flats.

This was followed by Sector 31 in Gurgaon and Mayur Vihar III in East Delhi with an appreciation of 18 per cent each.

Some other localities in Gurgaon that fared high on the ROI chart include Sushant Lok Phase-I (16 per cent), Sector-68 and 59 that rose by 15 per cent each and Sohna that rose by 13 per cent. In Ghaziabad, Kaushambi and Vasundhara witnessed 7 per cent capital appreciation each, whereas housing prices in Vaishali and Indirapuram jumped by 5 per cent and 4 per cent, respectively in the October-December period of 2014 compared to the previous quarter.

“Bhiwadi which suffered due to the overall slump in Delhi NCR in July-September 2014, grew by five per cent in October-December 2014,” the portal said. — PTI