South Delhi Real Estate Market Post COVID-19 Lockdown
Recently, there is an increase in number of real estate inquiries in residential real estate market of South Delhi. Buyers are showing interest in bigger and larger homes in posh colonies of South Delhi with larger open spaces and all the amenities closeby.
Southdelhiprime.com brings to you the frequently asked questions regarding real estate market trend in South Delhi property market post lockdown.
How is the South Delhi luxury market performing after the lockdown?
South Delhi Luxury market is a limited supply market, There are few buyers and even lesser sellers. Buyers initially were expecting discounts but eventually, the need to buy is overpowering the need to get discount and transaction has started to happen.
Further, as Developers of South Delhi are concentrating on selling rather than buying this will lead to further skewness of supply in the next six months.
Is demand returning back to the market?
Yes, need of Housing has been best understood in the lockdown. Customers have realised the importance of owning a home and are now looking at 3.5 BHK / 4.5 BHK with work for home and school for home becoming the new norm. Customers are preferring South Delhi prime areas.
In terms of inventory, is there an increase in inventory of under-construction or ready to move in?
Currently, the focus is on Ready to move in. But Southdelhiprime.com views, the next 90 days when the supply chain logistics’ and labor normalize, the focus will come to be-spoke and customized under construction floors.
What is the average ticket size of the units?
Every colony has a different benchmark and different price range. Giving a general ASP might not be the most appropriate way to ascertain the market.
Is there any price correction and are buyers buying during this time?
Nothing drastic as some market experts are claiming 20-30% correction, Luxury Market is more or less stable with Single-digit Negotiations happening in closed doors.
Outlook for the market
The South Delhi Luxury Market will normalise soon with supply chain logistics’ and labour getting back to normal. The New Housing Need of More rooms and better design will drive the South Delhi prime areas. We might see a pent up demand similar to other Luxury Markets across the world.
Property prices could increase due to increase in construction cost and increase in time of possession.
If you have any query related to residential real estate maket of South Delhi, kindly leave your query and our experts will be happy to assist you.
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Southdelhiprime.com a Digital Venture of SanD Advisory Pvt Ltd. is a boutique real estate advisory & transaction company, having advised the who’s who of South Delhi on their real estate assets. We have special expertise in high value transactions & dispositions in South & Central Delhi. With over 500+ clients, SanD has done transactions worth millions. DoctorProperty.in, our online expert will respond to some of the common questions we’re receiving regarding buying a house during this pandemic.
Disclaimer: This above write-up is a collections of from online and offline information sources put together to make a sequence of events in no intended order, by the writer for purely for informative purposes. Hence the writer makes no claims and is purely reproducing events with intent of data-sharing only thus cannot be deemed legal.
