With unavailability of land in rest of Delhi, Dwarka has become an apparent choice for real estate investment in the region. Out of the total of 29 sectors in Dwarka, 23 are almost developed and Sector 24, 25 and 26 are under development. Nevertheless, the opening up of 32-lane Expressway has remarkably linked Dwarka with Delhi, and the property values here have an obvious impact of the development.

Co-operative Housing

Co-operative Group Housing Society (CGHS) forms a major component of housing type in Dwarka. Land to more than 350 CGHS has been allotted out of which 75 per cent has been completed and another 25 per cent are in an advanced stage of completion. Amongst CGHS, the majority (over 70 per cent) comprises 3BHK apartments and above (i.e. 4BHK, 3+1 servant room or a Study) while the remaining are studio apartments and 2BHK apartments, which are a few in number.

Currently around 326 CGHS are operational and on an average 100 people stay in a society. About 70 per cent of these are occupied. Compared to other colonies such as Rohini, Dwarka’s flats are more expensive. An average flat in Rohini costs Rs 35 lakh while that in Dwarka costs Rs 55 lakh.

According to property broker Jai Saini of Saini Estates, “Three-four years back, people who had invested in Dwarka would sell off a 2BHK apartment to get a 3BHK apartment in older colonies of West Delhi such as Janakpuri and Vikaspuri.”

Market trends

To buy even a 2BHK apartment in Delhi’s Dwarka, people are selling off their 3BHK apartment in the neighbouring colonies as people aspire to stay in an area with newer construction, better ambience and social infrastructure.

DDA flats: The Delhi Development Authority (DDA) has constructed 40,000 residential units under self financing, mega housing, HIG, MIG and incremental housing schemes. Special consideration has been given to the economically weaker sections (EWS) of society. A number of EWS, LIG and Resettlement Housing Schemes have been planned. There are about 20,000 DDA flats of which 8,000-10,000 are occupied. Among DDA flats 70 per cent are ready and are waiting for allotment.

“DDA flats in Dwarka are unrecognizable as stereotype DDA flats. In many sectors, they are built on the new pattern, are multi-storeyed with lifts, have coloured facades instead of the typical grey ones and have earthquake proof system. These residential properties defy the old low-quality ‘mass housing’ image of DDA flats.

These flats are more costly, with greater area size, than the ones in older colonies of Janakpuri and Vikaspuri which were built around 1960s,” said Vijaypal Singh, a property consultant.

Hyderabad has been in limelight ever since the launch of its new airport on March 23. The new Rajiv Gandhi International Airport at Shamshabad has brought glory to the city on many scores. With the coming of this airport, the city is already being tagged as a ‘developed city’. This accolade will help the city in many ways than one. The city’s infrastructure and real-estate will gain most from this development.

The property in and around Shamshabad is already in demand. Shamshabad was once a sleepy, small, sub-urban locality on the outskirts of Hyderabad. Today, this area witnesses important developmental activities and is being considered as a major property hub. Civic authorities have announced a slew of residential projects there. And private builders, both big and small, are picking up land banks to develop residential property there.

Shamshabad is connected to the city centre by a 30-km long road. The areas along this road will also benefit from the new airport. This road will serve as a major transport corridor for the traffic coming in and out of Shamshabad. Hence, property developers and builders are anticipating that this road will become a major transport link. Thus, land banks along this corridor will command high property value. Many of them are toying with the idea of starting commercial and corporate projects in and around these areas.

The new constructions are mostly happening in Kukatpally, Madhapur, Secunderabad and Hussain Sagar Lake. Property rates in Secunderabad and Hussain Sagar Lake are already hitting roof tops. The property values in Shamshabad are comparatively reasonable. Hence, the investors are hopeful of finding spacious land banks at affordable prices that will help them get phenomenal return on investments.

Need we say more, why the real estate professionals are packing their bags for Hyderabad? Certainly not. The city is bracing up to grab its place along with major cities like Delhi, Bangalore, Mumbai and Kolkata.

The low availability of affordable housing in Mumbai is resulting in rise in property prices and this is why properties that were available in the range between Rs 25 and 60 lakh are now touching Rs 70-Rs 1 crore, industry experts say.

As per various media reports the residential property prices in Mumbai could drop by 20 per cent but due to scarcity of housing units the property values are still high and people just cannot meet the expense of having a house in big cities like Mumbai.

A number of buyers are looking for apartment flats in Matunga and Sion, but there are just about 35 to 40 flats available in these places. The demand side is very robust but supply side is slacking, thereby pushing up real estate prices.

Industry sources inform that residential property transactions have gone down by 20 to 30 per cent in Mumbai, due to price rise. To tackle this situation and to heighten sales real estate developers are offering schemes like stamp duty rebate, free parking and interiors. Although they are not slashing prices significantly, as it signs the beginning of a downward trend. Instead they are holding on to the prices to keep up the thrust.

Real estate brokers state, that there isn’t sufficient affordable housing options in the market but there’s a lot of liquidity in the market, and hence prices are keeping high. Further they feel that gone are the days of sky-scraping growth. Nowadays developers are game for affordable properties, said Ramcharan Padhi, a Mumbai-based property broker.

Even though subjective statistics affirms marginal price fall in the Mumbai Real Estate industry, in some pockets, the fact remains that supply of apartments and developed land in the prime areas of Mumbai is scarce.