Real Estate Booms In Delhi

s recently as in November of 2006, real estate managers found that in places like Connaught Place in Delhi and its neighbourhood, no new office space was available i.e. demand had totally overtaken supply. The continued fight by the Municipal Corporation of Delhi against illegal construction and unauthorised use added even more power to the force of the already escalated prices. The New Delhi CBD or Connaught Place vacant area was 2% and this was even more constricted due to the lack of office space of Grade A value. This has, therefore, led the annual rent to be escalated by 95% in CBD and the value appreciation of capital here was about 140%.

Again the office space available in South Delhi property markets, both big and small, is also as scantily available. Since most of the areas are on lease, the rate of vacant office space is about 3-4% and the annual rent in this market has been hiked to approximately 65% whereas the value appreciation of capital here is about 95%.

Markets in the suburbs like Noida and Gurgaon have also had a similar phase. Prime locations in Gurgaon have less than 2% vacant space available and the rise in prices is about 80% in the span of a year. While the Noida Land Authority has given additional land for private development and this may yield as much as 2 million square feet of Grade A office space, the completion of this project will take another 16-18 months.

The escalation in rates is due to the starting of the metro rail network in some areas and the future plans to connect to other places within Delhi. Also the MCD’s drive for eviction has added to the pressure on legitimate office space being made available as there is such a small amount of such available space. In the coming few months, the leased rentals and captain values are anticipated to further appreciate all over Delhi and this will in turn affect the suburban areas too. So as you can gauge from the above, this is time to invest in Delhi Properties and Buy commercial property in Delhi or invest in a Property for sale in Delhi.

The market is booming and is likely to do so for some time. This trend is going to affect the residential areas also as a boom in prices always does. If you are an investor, you can therefore safely Buy houses in Delhi, or Sell flats in Delhi or sell apartments Delhi.

It is also the time to buy Residential land in Delhi as it one can see how fast we are running out of available land and space, so hurry take your pick and move real fast!

About Author:
Biaksh kumar is the contributing author to the http://www.indianrealtynews.com for distinct articles and news. Indian Realty news provides news on commercial and residential properties of various cities Delhi, Gurgaon, Mumbai, Chandigarh and Bangalore, Pune etc in India along with news on latest property investment, finance and property loan and laws in India.