Daybreak What happens when you bring Rs 2 crore to the Delhi-NCR house hunt?
8 snips
Dec 26, 2024 In the bustling Delhi-NCR real estate market, potential homebuyers are grappling with soaring prices for luxury apartments. Despite having budgets up to 2.5 crore rupees, many are being advised to lower their expectations. A significant supply crunch has hit mid-premium housing, with inventory plummeting and builders facing legal hurdles. Strikingly, demand remains robust as tens of thousands continue to seek homes, raising the question: why aren’t more units being developed in this competitive landscape?
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Samir's Struggle
- Samir Rana, a software developer earning 3 lakh rupees monthly, is struggling to find a suitable home in Delhi NCR.
- His 2 crore budget is insufficient for his desired 2,000 sq ft luxe apartment, highlighting the region's unique real estate market.
NCR Housing Shortage
- Delhi NCR's real estate market faces a supply crunch in the mid-premium segment (80 lakh to 2 crore rupees).
- Despite high prices, demand remains strong, posing the question of why more housing isn't being built.
Sharon's Search
- Sharon Gupta, also seeking a 2,000 sq ft apartment, found a 4 BHK in Noida Sector 128 unsuitable and overpriced at 5 crore rupees.
- A similar experience at Godrej Tropical Isle in Sector 146 further emphasized the inflated prices in NCR compared to other cities.