 "Slowdown in property market: Average housing price in Delhi-NCR falls by 2%")
New Delhi: The average housing price in Delhi-NCR has declined marginally by 2 percent during April-June compared with the year-ago period due to slowdown in property market, according to a report by realty portal 99acres.
In its latest residential report for the second quarter of 2014 calendar year, the company said the real estate marketis reeling under a demand slowdown due to high borrowing cost and lower GDP growth.
“The real estate landscape in the NCR region in the past quarter has seen stability with prices per square foot goingdown by 1 per cent in Q2-2014 (April-June) as compared over Q1 (Jan-March, 2014). The annual comparison shows a decline of 2per cent in April-June 2014 over April-June 2013,” 99 acres said in a statement.
[caption id=“attachment_90469” align=“alignleft” width=“380”]  Reuters[/caption]
In Delhi, housing prices in areas like Defence Colony and Sheikh Sarai fell by 20 per cent and 18 per cent respectively during April-June period compared with previous quarter.
“Localities like Greater Kailash I and Vasant Vihar have also seen a decline of 11 per cent and 10 per cent in Q2-2014over Q1-2014,” the report said.
On the other hand, key localities in Delhi like Shahadra, Mehrauli and Chattarpur saw an increase of 14 per cent, 13 percent and 8 per cent, respectively, in Q2-2014 over Q1-2014. Other areas like Mayur Vihar-I and Mayur Vihar II haveseen an increase of 6 per cent and 5 per cent respectively, in the same period.
The quarter on quarter analysis shows that areas like East of Kailash, Lajpat Nagar, Saket have also seen a rise of 4 percent, 3 per cent and 2 per cent, respectively, in housing prices.
Similar trends were seen in the other parts of the NCR like Gurgaon, Noida, Greater Noida, Faridabad and Ghaziabadwith some localities witnessing an increase in prices while some areas showing a decline in rates.
PTI
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