High-end residential prices rising

October 5, 2008	(Be the first to rate this story!)  Loading ...
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The prices of high-end residential localities in major metros have witnessed a 20-25% rise in the last four months. The posh markets such as Greater Kailash I & II, Jorbagh, Golf Links, Amrita Shergil Marg, Sunder Nagar, Vasant Vihar and Shanti Niketan in Delhi, Napean Sea Road, Peddar Road, Breach Candy, Malabar Hills in Mumbai and Richmond Town, Lavelle Road, Cunningham Road in Bangalore have a witnessed a spurt in prices. In Mumbai, the prices in posh areas such as Altamount Road, Napean Sea Road, Nariman Point and Churchgate have gone up by 20-25%. But leading the pack is south Delhi which is seeing a major spurt in land values, with the market quoted prices as high as Rs 5 lakh to Rs 10 lakh per sq yard.

In a recent transaction, a 400 sq yd plot in GK-I fetched a price as high as Rs 22 cr, while a 600 sq yd plot in the same area went for a whopping Rs 29 cr. In fact, one of the biggest developers in the country, DLF Group, which had a plot of two acres in GK-II, is planning to construct 17 luxury apartments with each going to cost more than Rs 11 cr. Each villa will have a carpet area of 4,000 sq ft to 5,000 sq f t. Says Vikram Sabharwal, MD of SABH Infrastructure: “The prime localities in south Delhi are commanding a huge premium as there is virtually no land available in these posh areas. There is hardly any construction activity taking place. The only activity seen is in large villas being converted into luxury apartments. This has further jacked up demand and the corresponding prices.”

News Published Under:   Property Prices |

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