Property prices go down in South Delhi
Property prices in the upmarket residential areas of South Delhi have dropped by 20 per cent.
Slowdown in sales is forcing builders to settle for less as they are under pressure to cut inventory.
According to analysts, the market is fast becoming a buyers’ market. Of the 368 apartments that have been released into the south Delhi market over the last six months, only about a sixth have been sold. The dip in sales has pressured prices to go down by 15-20 per cent.
Alarmingly most of the apartments are located in Greater Kailash, Vasant Vihar, Defence Colony, New Friends Colony, Panchsheel Park and Gulmohar Park-the posh areas of Delhi where prices had almost doubled in the last three years.
With economic uncertainty driving away investors, the situation has become tenser for the builders. A steady decline in prices is witnessed over the past few months and the seemingly overpriced market is going through a recession.
Apartment, Apartment sales, Apartments, Delhi, Delhi NCR, Delhi properties, Properties, Properties in Delhi, Property, property delhi, property in Delhi, Property Prices, Property sale, South Delhi, upmarket residential areas
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