Monthly Real Estate Monitor Delhi February 2013

By JLL India

 Residential Market..!

The residential market in Delhi remained buoyant in January, 2013.

This healthy demand of residential projects continued over the past couple of months. Major launches in January included: Paras Dew by Paras Buildtech, in Gurgaon; Mulberry County by MG Housing, in Faridabad; and Galaxy Vega by Galaxy Developers, in Noida. Rents and capital values remained stable in the city during January.

Residential	Rents	Capital Value
Key Precincts	INR per month for a 1000 sq ft 2BHK apartment	INR per sq ft
Golf Course Road	22,000 to 32,000	12,000 to 16,000
Sohna Road	15,000 to 20,000	5,800 to 7,500
Golf Course Extension Road	16,000 to 22,000	7,500 to 9,500
NH 8	14,000 to 19,000	3,900 to 5,000
Dwarka Expressway	NA	5,000 to 6,000
Noida to  Greater Noida Expressway	12,000 to 14,000	4,000 to 5,500
Noida City	12,000 to 14,500	4,500 to 6,000
Indirapuram	10,000 to 12,000	4,000 to 4,800
NH 24	7,000 to 9,000	2,400 to 3,200

Office Market..!

The demand was stable in Delhi during January, 2013 with old enquires getting closed, as well as the good leasing activity in the central business district (CBD) and the secondary business district (SBD).

In addition, pre to leasing was good in Gurgaon. The healthy occupier demand decreased the vacancy in the Delhi city. Some of the major transactions in the January month included: eBay India taking up space in the CBD; Bill and Melinda Gates Foundation leasing space in the SBD; and Avon Beauty Products renting space in Gurgaon.

DLF Silokhera IBM and DLF Building 14 Tower C were the 2 buildings that commenced operations in Gurgaon.

DLF Silokhera IBM was fully occupied, whilst DLF Building 14 Tower C witnessed nominal occupancy when it commenced operations. Rents & capital values remained stable over the 2013 January month.

Office	Rents	Capital Value
Key Precincts	INR per sq ft per month	INR per sq ft
Barakhamba Road	170 to 400	26,000 to 33,000
Jasola	110 to 170	16,000 to 21,000
DLF Cyber City	67 to 72	NA
MG Road	114 to 130	16,000 to 18,500
Golf Course Road	85 to 95	12,000 to 15,000
Sohna Road	45 to 55	6,500 to 8,000

Retail Market..!

The month of January, 2013 witnessed stable demand for retail space in Delhi city, with the high streets continuing to be the preferred choice because of the lack of space in quality malls.

The upcoming malls observed healthy pre to leasing activity. Rents and capital values both remained stable in all submarkets. Stable Spitee taking up space in Noida, Forever leasing space in Gurgaon and Lakme renting space in Prime Others sub to market were some of the notable transactions in January.

Retail	Rents	Capital Value
Key Precincts	INR per sq ft per month	INR per sq ft
South Delhi	180 to 280	21,000 to 30,000
West and North Delhi	140 to 220	14,000 to 23,000
Gurgaon to MG Road	140 to 270	15,000 to 20,000
Rest of Gurgaon	60 to 100	8,000 to 14,000
Noida	130 to 220	14,000 to 25,000
Ghaziabad	90 to 150	10,500 to 16,000

INFRASTRUCTURE ONGOING Projects…!

The government has relaxed the norms for the construction of additional floors in residential flats having multiple to ownership, with the aim to weed out corruption and help people get their building plans sanctioned without any hassle.

As per a new directive, people who have rights over third floor will no longer require a ‘no objection certificate’ (NOC) from other floor owners for their expansion plans. However, other occupants of the floor concerned have the option to express their views to the municipal bodies regarding the expansion plan. The municipal corporation will have to take a final decision on applications purely on merit.

Construction works at various sites in Noida and Greater Noida have come to halt after the National Green Tribunal order banning the extraction of groundwater by developers

For more information about research

Ashutosh Limaye

Head, Research and REIS

ashutosh.limaye@ap.jll.com

+91 98211 07054

Trivita Roy

Assistant Vice President, Research trivita.roy@ap.jll.com

+91 40 4040 9100 

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