Demand for Residential Properties in Delhi to Remain Upbeat

June 24, 2008 - PRLog -- According to real estate advisories and consultants, demand for bungalows and apartments in prime areas of central and south Delhi is likely to stay high over the next year. Diplomats and large corporate houses are the main drivers of demand for residential accommodation in these areas.

"Point to note is however, Delhi is now more or less saturated and the high demand for residential properties has increased rates beyond the reach of the middle class. As a result, the suburban towns within the NCR have become destinations for new residential projects that offer affordable quality housing to the middle class as well as luxury housing for high- end users," says Anuj Puri, chairman and country head, Jones Lang LaSalle Meghraj (JLLM), a global real estate advisory.

As a matter of fact, Panchsheel Park, Anand Niketan and Dwarka have also been fast coming up as a preferred residential real estate destination for Delhi and Gurgaon residents. The Dwarka sub-city has been designed to cater to a population of 10 lakh people and the current occupancy is approx 30 per cent. Dwarka may soon house a huge District Centre, along either sides of the Metro corridor from Sector 14 to Sector 9 station, as well.

Upcoming real estate destination of Dwarka

With unavailability of land in rest of Delhi, Dwarka has become apparent choice for real estate development. Out of the total of 29 sectors in Dwarka, 23 are developed and Sector 24, 25 and 26 are under development. Co-operative Group Housing Society (CGHS) forms a major component of housing type in Dwarka.

Land to more than 350 CGHS has been allotted out of which 75 per cent has been completed and another 25 per cent are in an advanced stage of completion. Amongst CGHS, the majority (over 70 per cent) comprises 3BHK and above (i.e. 4BHK, 3+1 servant room or a Study) while the remaining are studio apartments and 2 BHK, which are a few in number.

For more details on Delhi Real Estate , log on to - http://www.magicbricks.com/property/city/p/p~p!ct~509!/De...

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With the coming up of Hinjewadi IT park in Pune suburbs, the property values in the neighbouring residential areas have tripled in last two years and a half.