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Buyers are just not ready to appease sellers upping their property prices by 20 to 30 per cent i

Date Added: November 23, 2010 03:37:50 AM
Author: zameen102
Category: Business & Economy: Finance & Investment

Residential property prices in the second level of prime property areas in the city continue their upward trend, but most buyers are hesitant to clinch deals. The reason? Prices quoted by the sellers are a good 20 to even 30 per cent higher as compared to last year. This is the case even in colonies where property availability is high. So as owners ask for exorbitant prices for their properties, the potential buyers are just satisfying themselves by making queries about the homes and passing subtle messages to the sellers that they would rather wait for the prices to come down. The situation is much the same in most parts of Delhi. Also, there are not many who are toeing the real estate agents' line that buyers snatch up what is described as a good bargain in a seller's market. In fact, many of the agents admit privately that even though it is peak time for sale and purchase of properties, these have so far not matched actual sales. Capt I P S Sabharwal of Vasant Vihar-based The Shelters says that in some of the South Delhi areas like Vasant Vihar, Shanti Niketan, Greater Kailash-I and II, and Safdarjung Enclave, the prices demanded by property owners this year have been enormous as compared to last year. He says a 335 sq m plot in Vasant Vihar, valued at about R18 crore to R20 crore last year, is now on sale for R32 crore. A single floor in a 335 sq m plot, valued at R6 crore last year, is now going for R8.5 crore to R9 crore. In North Delhi areas like Civil Lines, Model Town I and II, residential property prices have climbed by 30 per cent. According to Mani Bhasin of Hardial Properties, although the pries have gone up, people here are still getting good value for their money in terms of quality space. He points out that in Civil Lines one floor of about 139 sq m constructed area could be purchased for R2.5 crore to R3 core. Similarly, in Model Town-I a 186 sq m constructed area of 3to 4BHK was around R2.25 crore to R3 crore. In West Delhi, a property dealer in Karol Bagh, Ashutosh Dhand of Abhimanyu Real Estate pvt ltd, says that relatively high prices expected by property owners compared to the duller season last year had turned the market in favour of the seller. Karol Bagh has seen a 15 to 20 per cent increase in residential property prices. The situation is more or less the same in East Delhi, with Surya Nagar and Patparganj registering an increase in prices. According to Prabhjyot Bhatia of Modern Associates, a 167 sq m plot in Surya Nagar is now selling for R2 crore. Real estate agents say sellers at the moment have that `take it or leave it' attitude and have shown very little inclination to bargain. But if their properties do not sell at the price demanded in the course of time they are likely to weaken and consider lowering the rates. This, however, relates to areas where property availability is high. In the colonies where availability is low and demand high, potential buyers should make up their minds soon or they are likely to lose the property to someone else . The writer is a senior columnist Courtesy:-HT Estate 23-10-2010 For more information log on to http://www.propertycafeteria.com  
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