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Property
values might be going through correction all across the country but there are
no such signs visible in Central Delhi. On the contrary, real estate
consultants observe that both capital values and rentals are consistently
increasing in the belt.
"The
supply of fresh properties in Central Delhi is equal to nil. Areas like
Barakhamba, Tolstoy Marg, Aurangzeb Road, KG Marg, Golf Links, Pandhara Road
come under Lutyen's Delhi and no construction is allowed in the area.
Consequently, demand curve outstrips supply," said RK Bhatnagar of BGB
Investment.
According to
Research, an area of 45 lakh sq. ft is available in the Central
Delhi suitable for construction. Sources inform that about 41 large-size plots,
owned by developers and individuals who are residing in Delhi for decades, are
also there in the area.
Experts say
that if the present condition continues in the coming years, property values in
this area will break all records. In my view, delhi properties will beat New
York and Tokyo by 2010, Bhatnagar quips.
Experts say:
Anuj Puri,
chairman and country head of Jones Lang LaSalle Meghraj (JLLM), a real estate
advisory, also agrees, "The demand for bungalows and apartments in prime
areas of central and south Delhi is likely to stay astronomically high over the
next year. Diplomats and large corporate houses are the main drivers of demand
for residential accommodation in these areas."
Moreover
increase in demand of residential units as more and more families desire to
settle down in Delhi, this will further accelerate property values, Puri adds.
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