News & Views on Indian Real Estate

Tuesday, July 29, 2008

South Delhi remains hot amidst the slowdown in realty

Growth of real estate in Delhi-NCR has not taken the sheen off the original best-seller, South Delhi. Despite a slowdown in the real estate market, prices in Defence Colony and Golf Links have only increased as their capital values have increased 15-20% over the last six months. According to a prominent South Delhi developer, people putting their bungalows up for redevelopment have also increased manifold and he expects rates to go up even further in coming months. While the chart of South Delhi is going upwards, South Mumbai seems to have stopped in its tracks. After a 300% growth in the last three to four years, the last six months have seen capital values in South Mumbai remain flat, said Cushman & Wakefield Director (residential), Ms Aditi Vijaykar. According to her, the value of transactions might have been higher in the last six months but the number has come down considerably.