Property prices up by 15 per cent in Delhi-NCR: Report

NEW DELHI: Property prices have increased by an average 15 per cent in the Delhi-NCR during Apri-June quarter of this fiscal against the year-ago period, according to a report.

In Delhi-NCR, Gurgaon Sector-54 saw the highest appreciation in property prices of about 87 per cent during April-June 2013 over April-June 2012, the company said in a statement.

"Delhi-NCR region continues to witness an increase in property prices with 15 per cent year-on-year property appreciation seen in Q2-13 when compared to Q2-12," it said.

The appreciation is however lower than the previous quarter, which saw 20 per cent rise in property prices.

Housing rentals in the Delhi-NCR region have also gone up by an average of 5 per cent in April-June period of 2013 when compared to the same period a year ago.

The property prices and rental rates have been progressing in Delhi-NCR over the year with Gurgaon specifically keeping up with the momentum. Noida and Faridabad are also realising the benefit in price and rentals owing to increased connectivity with Delhi and affordable housing projects.

In Delhi, the portal said that Narela & Mahavir Enclave have emerged with strong price appreciation by 44 per cent and 39 per cent, respectively.

A few localities in South Delhi continue to see a price correction in property price.

Saket in particular has seen a dip of 14 per cent in this quarter from 6 per cent decline in last quarter, followed by Defence colony and C R Park also witnessing the decline by 9 per cent and 6 per cent, respectively.