New Delhi is the most expensive city to reside in India. Property prices within the boundaries of the city are so high that they are beyond the reach of common people. Affordable housing is available in the outskirts of the city or towards the fringes of the national capital region like Noida and Gurgaon. In fact, housing options in Noida have also become limited which has made Greater Noida a viable choice for buying an apartment.
Why is Housing so Expensive?
In terms of ranking by per capita income, residents of the NCR have been given the top slot. This is mainly because New Delhi is the capital of the country and a plethora of activities go on in the city. Software exports, tourism and manufacturing activities are high, which has led to rapid increase in the per capita income. The higher per capita income has made prices of commodities, including housing, largely inflated.
People who already have a permanent roof over their heads want sound options for investment. In India, real estate is one of the most stable instruments one can invest in, apart from gold. Hence, people turn to it when they have some money to spare. The demand for flats and houses is very high, primarily because of the burgeoning population and rise in income. Most people want to benefit from the ever rising prices of housing. They buy an apartment when it is under construction at a low rate and then sell it once the house has been constructed and its value has increased manifold. This sort of demand for housing is termed as speculative demand, where people buy an item speculating its value would go up.
The costs of construction materials have gone up by 30 per cent and so have the amounts that need to be paid to get relevant clearances from housing boards. These factors too have pushed up the cost of apartments in the city. Even though the sales have gone down, builders are not slashing prices. Instead they are putting in effort to keep prices artificially inflated by putting up boards that say “Sold Out” right after construction begins to put prospective buyers in a mode of frenzy.
Areas which Offer Affordable Housing
Because of speculative demand regarding housing options, housing has become unaffordable for the middle class. Areas which are much away from the centre of the city offer affordable housing to the working class. Apartment complexes in MayurVihar, Noida and Greater Noida offer affordable housing under Rs. 1 crore.
Chhattarpur, Badarpur and MayurVihar Phase III offer housing options under Rs. 1 crore.
To stay in residential areas of the city like Janakpuri, Pitampura and Chitranjan Park (CR Park), one would have to shell out more than Rs. 1 crore for an apartment. For a 3 BHK flats for sale Delhi in CR Park, one would have to pay close to Rs. 2.5 crore.
Finding the Right House for You
Buying the right house is not as simple as it looks. The area in which one is thinking of buying an apartment needs to be assessed well. The connectivity of the place and infrastructure available are some of the things to consider. With online, interested buyers can find classifieds for cheap flats for sale in Delhi. The size of the apartment, the area and the price quoted for it are available on every advertisement. Buyers can also filter lists according to their preferences for furnishing and locality.
The costs of construction materials have gone up by 30 per cent and so have the amounts that need to be paid to get relevant clearances from housing boards. These factors too have pushed up the cost of apartments in the city. Even though the sales have gone down, builders are not slashing prices. Instead they are putting in effort to keep prices artificially inflated by putting up boards that say “Sold Out” right after construction begins to put prospective buyers in a mode of frenzy.
Areas which Offer Affordable Housing
Because of speculative demand regarding housing options, housing has become unaffordable for the middle class. Areas which are much away from the centre of the city offer affordable housing to the working class. Apartment complexes in MayurVihar, Noida and Greater Noida offer affordable housing under Rs. 1 crore.
Chhattarpur, Badarpur and MayurVihar Phase III offer housing options under Rs. 1 crore.
To stay in residential areas of the city like Janakpuri, Pitampura and Chitranjan Park (CR Park), one would have to shell out more than Rs. 1 crore for an apartment. For a 3 BHK flats for sale Delhi in CR Park, one would have to pay close to Rs. 2.5 crore.
Finding the Right House for You
Buying the right house is not as simple as it looks. The area in which one is thinking of buying an apartment needs to be assessed well. The connectivity of the place and infrastructure available are some of the things to consider. With online, interested buyers can find classifieds for cheap flats for sale in Delhi. The size of the apartment, the area and the price quoted for it are available on every advertisement. Buyers can also filter lists according to their preferences for furnishing and locality.
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