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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