Delhi Real Estate - correction in prices?

Delhi has been known as the third most preferred real estate investment destinations in India. However, the last few years has seen a rather astronomical rise in real estate prices in Delhi. With the global meltdown and fall in stock prices, there seems to be some correction in prices.

Do you think Delhi real estate prices has ultimately seen a correction/ come down?

Hi Hardeep, I read recently that there is a slight correction in property prices in Delhi In Delhi and the NCR region, prices have gone down by 15-20% versus peak prices. In areas such as Gurgaon, Noida and Greater Noida that have hitherto seen boom times in the property market, prices are now down between 10-20%.

Can anyone/ real estate agent confirm? Even we were considering investing if there is a correction.

Well, we all have heard about price correction in real estate prices, but have we really known any property that has quoted a lower price. I'll tell you about a very interesting observation......

'If you want to sell your property now, you may not get the expected price 'citing global meltdown, falling stock prices, recession, etc'; however, when you go on to buy a property, I doubt if you'll get any property at low rates. Now, isn't that double standards followed in real estate market?

Please do let me know your views on this. Is it the same for other places too?

Happy Posting!
Sonia

Originally Posted by SoniaVerma

'If you want to sell your property now, you may not get the expected price 'citing global meltdown, falling stock prices, recession, etc'; however, when you go on to buy a property, I doubt if you'll get any property at low rates. Now, isn't that double standards followed in real estate market?

Please do let me know your views on this. Is it the same for other places too?

Very true Sonia. Its all hype about falling real estate prices. And the interesting part is that people are not selling their property at this time, as they are not able to fetch good prices. So, if you really want to buy...you have to shell out the 'pre-recession hype' price. So its all 'Mauja hi mauja' for sellers.

What are your views on this?