Rise in demand for Multi- Storey Building
Demand for multi-storey buildings in Delhi was recorded as approximately 53 per cent during the Feb-Apr 2013 period, a rise of 2 per cent from the Nov 2012-Jan 2013 period. The growing space crunch in the capital city could be the reason behind the demand for multi-storey units being the most preferred property type across all categories.
Supply of multi-storey apartments remained subdued in comparison to demand. No fluctuations were witnessed in the supply of these units in the last six months with availability of 35 per cent, which was 18 per cent lower than the demand.
At 50 per cent availability, the most supplied property type was single floor units during the Feb-Apr 2013 period, a rise of 3 per cent from the Nov 2012-Jan 2013 period. However, the supply and buyer interest in the category remained low. Even though single floor units were the second most preferred type of property in Delhi, demand was found to be a moderate 22 per cent only during the Feb-Apr 2013 period. This reflects an oversupply of more than 25 per cent in the market.
Both residential houses and plots witnessed average buyer interest with demand varying from 11-13 per cent during the Feb-Apr 2013 period. While demand for residential houses was found to be stable in the last six months, a drop of 2 per cent was noted in the demand for plots. Supply of plots remained significantly low with a gap of 7 per cent between the demand and supply, due to acute shortage of land in Delhi.
Supply for residential houses recorded a downward trend with availability dropping by 3 per cent during the Feb-Apr 2013 period as compared to the Nov 2012-Jan 2013 period. Demand and supply for villas remained low during the Feb-Apr 2013 period.
Key take-aways from demand analysis:
- Multi-storey apartments were found to be the most preferred property type in Delhi with demand being more than 50 per cent. Dwarka recorded an exorbitantly high demand for the same.
- Localities such as Uttam Nagar, Mahavir Encalve and Janakpuri recorded the highest demand for single floor units.
- Residential houses recorded a moderate demand of 13 per cent during the Feb–Apr 2013 period with localities such as Dwarka, Uttam Nagar and Janakpuri recording the highest demand for the same.
- Aya Nagar and Najafgarh recorded the maximum demand for plots in the city.
- Demand for villa projects remained almost negligible during the Feb-Apr 2013 period.
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