Delhi properties likely to see 69% hike
Delhi- After five years from now, a common man would find it very difficult to afford a house in Delhi, predicts a survey.
The current average price of a house in Delhi is Rs. 1.93 crore whereas in the next five years, it is estimated to hit Rs. 3.27 crore which signifies an increase of 69 percent, reveals the survey conducted by real estate portal and a UK-based market research firm YouGov.
The findings are based on the sample size of 2,734 respondents, most of whom were male and in the age bracket of 30-39 years.
Delhi is among the costliest cities in India, ahead of other metros such as Chennai, Bangalore, Hyderabad and Kolkata. By 2017, properties in Delhi are likely to witness even more price appreciation than these cities.
The survey also observed that 45 percent of buyers will have to opt for second hand houses in Delhi due to a limited number of new houses on offer.
Fresh land supply is expected in areas such as Rohini extension, which should throw affordable housing in the low to mid segment. This will further increase the supply, leading to faster off take in these areas compared to the more expensive South Delhi, held Ramesh Menon, Director of Certes Realty.
Furthermore, the survey found that 60 percent people live in apartments or flats and 35 percent people live in 2BHK houses, followed by 28 percent people who live in 3BHK houses. And interestingly, 40 percent of the respondents live with their parents, or at least have properties registered in their parent’s name.
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Affordable Housing, Apartments, Bangalore, Certes Realty, Chennai, Cities in India, Flats, house in delhi, Hyderabad, Kolkata, land supply, market research, Metros, price appreciation, Properties in Delhi, research firm, Rohini extension, sample size, South Delhi, UK-based, YouGov
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