According to online property portals, the rentals for commercial properties in Delhi-Connaught Place (CP) are currently in the range from Rs 250 to Rs 1,000 per sq. ft, at present.
Now that the New Delhi Municipal Corporation’s (NDMC) has sanctioned funds for CP re-development project, property values in this Central Business District (CBD) of national capital Delhi may undergo change.
Though, the NDMC estimates that the project will be completed by July 2010, retailers and property brokers feel that rental values in CP may see a jump, but can the markets further surpass the levels, which are already touching roof?
People say that even large multinationals are not able to cope up with rising rentals here and looking for alternatives…!
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There’s news for all those people who are eyeing NCR for property investment. The NCR board is likely to hike the minimum floor area rates (circle rates) for property transactions in and around the Capital by 20-30%.A circle rate is the floor price at which property transactions are registered, and quoting a lower price is not allowed. Therefore, higher circle rates mean more transparent transactions. In addition, home loan seekers would get bigger loans from banks as the property price reflected in the document would be higher, closer to the market value. The circle rates in NCR are far below market rates.
Even after the proposed hike, rates would be far lower than market rates. The board feels circle rates should be revised every year to reflect the actual value of land. In many cases, there is a huge difference between the actual market price and floor price set by state governments. There is much room to revise rates in NCR as well. States need to follow a calibrated approach in revising rates. Rate hikes from time-to-time do not pinch the buyer and enrich state coffers.For more view- realtydigest.blogspot.com
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