Delhi property price boom will end
Residential plots auctioned by the Delhi Development Authority (DDA) have pushed property prices up by 40 per cent in the Capital again. But is this boom sustainable?
The DDA recently auctioned 61 residential plots in six locations in New Delhi. Many of the plots were sold for three times their reserve price.
A 299-square-metre plot in Dwarka was sold for a whopping Rs 5.5 crore and a similar trend was observed in Jasola where a 270-square-metre plot was sold for Rs 4.83 core.
This has caused market prices in these areas to jump by 40 per cent from Rs 1 lakh per square metre to Rs 1.40 lakh per square metre.
Trammell Crow Meghraj Associate Director Pankaj Renjhen says, “With these auctions, it’s just made an artificial frenzy in the market. But it’s not very sustainable. These prices will again stabilise to more mature levels, which will be slightly lower.”
DDA is soon going to auction 10 more residential plots. These plots too experts believe will fetch high prices.
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