How is Delhi realty sector faring?

Delhi, on account of its strategic position in the national and international scenario, has been enjoying a preeminent position for decades. On the word of financial experts, this has resulted in the fortification of the real estate sector of this second-largest metropolis in India. However, there has been a major change in the industry of late and owing to the existent worldwide downturn, realtors have shifted focal point to reasonably priced or low-budget apartments. These low-budget apartments are available in National Capital Region, Delhi and all other major Indian cities in the range of Rs 16 lakh to Rs 30 lakh and this new development is attracting a large section of buyers. What is more, this along with the declining interest rates has lowered the cost of ownership of a house.

All these indicate that middle-income buyers are becoming more able to purchase and hence they are entering the pertinent sphere with confidence and in numbers. This has also induced builders and developers of Delhi real estate sector in a greater manner. Lots of affordable projects have come up in areas like Indirapuram, Vasundhara, Vaishali, Crossings Republik on National Highway 24, Raj Nagar Extension on NH-58 in Ghaziabad, Nahar Paar area in Faridabad, Greater Noida and Gurgaon.

Take for instance Raj Nagar Extension on NH-58. It has been learnt that condominiums have already been launched where apartments of 1,000 sq ft are available in the price range of Rs 16 to Rs 20 lakh. If you have to take home loan rate of 8%, the EMI on a loan of Rs 15 lakh for 20 years will work out to Rs 12,500. The situation is almost same in the neighborhood where apartments at Rs 2,000 to Rs 2,500 per sq ft. are being offered by realtors.

A mere comparison will make the situation apparent. Prices of two-bedroom apartments, during the first six months of 2008, around the outskirts of NCR, was in the price range of Rs 2,800 per sq ft to Rs 3,500 per sq ft. The same is being offered at 1,800 per sq ft to Rs 2,500 per sq ft.

What can you do then? If you are desirous to have your own share in the real estate sector, you should buy at once, if there is a good bargain, instead of waiting for the prices to fall more.