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News & Views on Indian Real Estate

Tuesday, June 24, 2008

Mega Realty Deals dot Delhi’s Golf Links

The real estate sector might have hit a rough patch of late, but that has not stopped India’s rich and mighty from striking housing deals in Delhi’s elite areas at fancy prices. Three low-profile but high-value transactions worth Rs 300 crore have been closed in Central Delhi’s posh Golf Links locality, where infrastructure major GMR, a prominent auto dealer, former prime minister IK Gujral’s son Naresh Gujral and a politician have each bought a house in the past two months. According to property consultancy firm Cushman & Wakefield, the average prevailing rates for Golf Links could be one of the highest in Delhi at Rs 7 lakh per sq yard, marginally lower than Chanakyapuri’s Rs 7.25 lakh per sq yard. Prices in both localities have shot up four-and-a-half times in the past three years and by over 50% in a year. Limited availability of properties in the area and rising demand from the rich-getting-richer clientele has resulted in such price appreciation. Besides the strategic location, this area has a certain snob value attached to it. Buying a house here means announcing to the world that one has arrived in life. The past few years have seen quite a few deals in these localities, one rivaling the other in terms of value.

Manish said...

In delhi and delhi ncr region real estate market is growing very rapidly and this is the reason there is always competition for high property rate in any area of delhi.

vikas said...

Property is a lifetime investment. When a person makes decision to buy a house, he/she thinks for the market price of that locality and the existing rate trend. If we talk about the scenario these days, sales of real estate have crashed but prices have not come down considerably. Further downside is projected which will be healthy for the sector.

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nasik property said...

Very nice and Informative post i like this,Keep

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