Good news! Houses in Delhi get cheaper by 20%

Housing prices in many prime colonies of the national capital have declined by up to 20 per cent since 2013 but the rates were stable in Gurgaon and Noida, according to property consultant JLL India.

The Delhi-NCR property market is currently "under stress" and offers attractive valuation for end-users, it said.

"Residential prices in established locations of South and Centra Delhi such as Vasant Vihar, Defence Colony, Jor Bagh and Golf Links saw a decline of 15-20% in 2013 and remained at those levels in 2014," JLL India CEO -Operations & International Director Santhosh Kumar said in a report.

A correction in prices was also observed in areas like Westend, Shantiniketan, Prithviraj, Aurangzeb Road and Amrita Shergill Marg, but in a lower range of 10-15 per cent, he added.

"Unlike the slide observed in areas of Delhi, areas in Gurgaon and Noida saw prices remain stable at Rs 6,500-17,000 per sq ft and Rs 5,500-8,000 per sq ft, respectively, in 2013. These areas remained stable at the above prices throughout 2014," Kumar said.

The consultant said that buyers and investors could expect significant discounts from developers due to oversupply in Gurgaon and Noida markets.

To know more read here : http://www.dnaindia.com/money/report-good-news-houses-in-delhi-get-cheaper-by-20-2077740.