NEW DELHI: Real estate prices in some localities of the national capital skyrocketed by 20 to 27 percent in the first quarter of the current fiscal as compared to the corresponding period of 2010-11, an industry report said Wednesday.
"Property prices for Delhi have seen escalation if we compare per square feet prices of quarter (Q)1-11 over Q1-10. Key localities - Sarita Vihar and Rohini - have seen 27 percent and 20 percent appreciation in prices compared to prices over Q1-10," said a report by online real estate trade portal 99acres.com.
According to the report, the upward price sentiment would continue as the prices on average are growing by 15 percent.
"If the present trend continues we'll see price stability in Delhi going forward. But, as of now I do not see any price reduction happening in the Delhi market," said Vineet Singh, business head of 99acres.
The report said that South Delhi locality Sarita Vihar's PSF prices increased by 27.60 percent at Rs.8,110 as compared to Rs.6,356 in the like period of 2010-11, while north Delhi-based Rohini's PSF prices appreciated by 25 percent.
This is followed by Patparganj at a PSF price rise of 21.68 percent. Other localities like southwest Delhi-based Dwarka sub city's PSF price also grew by 28 percent in sector-11 and sector-2.
Realty prices in suburban national capital region like Noida and Gurgaon also increased due to operationalisation of metro rail services.
Prices per square feet in sector 110 and sector 93 of Noida also moved up by 16 percent and 11 percent as compared to prices in the corresponding period of last fiscal, said the report.
"Gurgaon witnessed an upward trend in property prices. Properties located on the Sohna Road and DLF City phase IV have seen the highest appreciation in prices by 46 percent and 42 percent, respectively, in Q1-11 over Q1-10," the report said.
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