Looking For A New Property In Delhi? Consider These Localities
A city like Delhi, which is known for resale properties and where homebuyers prefer ready-to-move properties, there is no reason why the price advantage of going in for a new construction should seem unattractive. The land bank in the outskirts of Delhi has now opened up as an avenue for developing new low cost housing. The upcoming development in and around these areas also speaks of the potential of the locality in terms of infrastructure, connectivity and livability.
PropGuide lists where should you invest in Delhi if you are looking at new and under-construction properties? Data with PropTiger.com show that over 70 projects are available for sale within a price bracket of Rs 10 lakh to Rs 6.10 crore.
Affordable purchases
If you are looking at an affordable purchase, turn to areas like Chhawla. Between April 2014 and August 2017, prices have dipped a little. This could also be because of the demand and supply scenario. More and more investors preferred turning to the National Capital Region (NCR) for affordable housing at attractive price points and better and more promising infrastructure. Meanwhile, prices in Chhawla crashed from Rs 4,100 per sq ft in 2014 to Rs 3,450 per sq ft as of now. This is one of the few places in Delhi where you can buy a 3BHK and 4BHK unit under Rs 75 lakh.
Chhawla is surrounded by Dwarka's sectors 11, 12, 18B, 19, 22, 23, 26, 112, 113, 114. However, livability here is still not up to the mark. Predominantly, a rural set up, garbage disposal, waste management and instances of unauthorised constructions are rampant. Chhawla is a ward under Matiala falling under the jurisdiction of the South Delhi Municipal Corporation.
Burari is yet another affordable and upcoming location. You could find 1BHK-4BHK units for under Rs 50 lakh. The locality comes under the jurisdiction of the North Delhi Municipal Corporation. The consumer complaint forum of the municipal corporation is a proof of the many civic issues that abound here but for those who wish to invest small, the area is a suitable option. Make sure you perform a due diligence before finalising the deal.
Other areas that make for an affordable purchase include Dwarka's sector 5, 9, 11, 12, 14, 19, 21, 23, Zone P II, etc. Find an exhaustive list on PropTiger.com. If you are looking at mid-segment homes for sale for Rs 50 lakh and above, you could turn to the above-mentioned areas. In short, new properties in Delhi are limited to a few areas.
Properties priced above Rs 1 crore
Shanti Park in Dwarka, Mandi, Ashok Nagar, Greater Kailash, Karol Bagh, Dwarka Sector 11, 12, Chhawla are some areas that have made way for new construction either due to redevelopment or because of availability of land. You could buy property under Rs 1 crore in areas like Chhawla to as much as Rs 6.10 crore for lavish apartments in Greater Kailash. Check out these properties here.
Some must-know facts
Given the popularity of this area, there is no dearth of unstructured sellers who may direct you to an unsafe investment. Go for RERA-approved homes only.