Rates Of Ready-To-Move-In Homes Falling In Many NCR Markets

Alert buyers might be seen taking extra care before investing in under-construction housing projects, but that has done little to boost ready-to-move apartment values. This trend is particularly visible in markets in the national capital region (NCR) , shows data.

Numbers available with PropTiger show that values of resale flats in Bahadurgarh witnessed the sharpest annual decline in 2019. Average values of resale flats in the town currently stand at Rs 34 lakh, a fall of 48 per cent from the level seen a year ago. Prices also fell sharply in Dharuhera, with average values hitting Rs 28 lakh after a 23 per cent annual decline.

In major markets of Gurugram and Ghaziabad, no change in prices was seen in the past one year. Gurugram, however, continues to be the costliest property market in the NCR, with average property values standing at Rs 80 lakh.

 

The under-achievers

City

Average value in 2019  in Rs

Annual decline in value (in %)

 

Bahadurgarh	34 lakh	-48
Dharuhera	28 lakh	-23
Bhiwadi	23 lakh	-7
Faridabad	40 lakh	2
Noida	38 lakh	-2
Ghaziabad	32 lakh	No change
Gurugram	80 lakh	No change

 

In some other markets, property values underwent a fair increase in 2019. The top performer during 2019, was the Neemrana residential market, where values of old flats increased 117 per cent annually. Property in the city is still quite affordable – the average value of ready-to-move homes is presently Rs 18 lakh.

 

The big gainers

City	Average value in 2019  in Rs	Annual change in value (in %)
Neemrana	18 lakh	117
Rewari	27 lakh	50
Palwal	20 lakh	40
Karnal	50 lakh	35
Meerut	42 lakh	25
Greater Noida	30.50 lakh	11
Sonipat	38 lakh	9

 

Source: Makaan.com