Property prices in Shanti Niketan, West End, Delhi, NCR, trends. 13 June 2014
Analyst /Author : Raman Sharma (Westend Property India)
CONFIDENTIAL : Not to be circulated
Updated property prices in Shanti Niketan and West End, New Delhi NCR revised realty rates and trends.
Shanti Niketan and West End are exclusive colonies for the power elite of Delhi outside LBZ and Chankyapuri.
Property prices at over Rs. 12 lakhs per sq. yard are shooting through the roof in discreet deals, such as those of ITC's Yogi Deveshwar (reportedly Rs. 12.72 lakhs/sq.yd) 100 cr. in 2013 for 4/7 Shanti Niketan (800 sq.yards) and the unconfirmed Monnet Ispat's Sandeep Jajodia (Rs. 13.25 lakhs/sq.yd) 160 cr. in 2014 of 1/17 Shanti Niketan (1,200 sq yards front row plot) which is 60% over Jajodia's earlier buy of 1/26 Shanti Niketan (Rs. 8.45 lakhs/sq.yd) in 2011 from the Ghosh family.
West End Colony which had also reported several high profile transactions, like that by Radha Soami Satsang (Beas) religious guru Gurpreet Singh Dhillon at Rs. 124 crores for a court purchase in 2012 of the 1,205 sq.yards front row plot no. A-16 on Rao Tula Ram marg, has seen a downtrend due to heavy unwinding of builder floors with prices crashing to lows of Rs. 28,000 psft from earlier highs of Rs. 54,000 psft for West End builder floors
Builder floor prices in Shanti Niketan have also declined marginally to Rs. 37,000 psft from earlier highs of Rs.46,000.
In West End colony over-stretched developers desperately seek liquidity with expected higher interest rates and margin ratios set to kick in under Modi regime. The problem is acute with certain builders who had borrowed heavily from US REITs which are winding down and 2 prime West End plots had to be been disposed off in distress sales when the rupee strengthened and their projects found no ready takers.
Forward bookings of builder floors are quoting at Rs. 52,000 psft (2015 delivery) and Rs. 65,000 psft (2016 delivery) in both West End and Shanti Niketan colonies from reputed developers.
The GoNCTD's Revenue Commissioner Dharmpal expects the pending hike in super A-category circle rates of 60% to Rs.10 lakhs/sq metre to significantly boost all cheque transactions in the area, a rarity where taxed component ranges from 50% to around 80% even for the supposed "all-cheque" transactions.
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[1], [2], [3], [4]
Posted on: 22-08-9400
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Property prices in Shanti Niketan, West End, Delhi, NCR, trends. 13 June 2014
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Realty trends
Site tags :
Prime property ,
Old property ,
All cheque ,
Shanti Niketan ,
Westend ,
Rs. 100 crore +
