4
PropIndex | Magicbricks New DelhiJan-Mar 2021
Residential Market InsightsAmenities led demand gallivanting towards under-construction segment in Delhi
Buyers around the country are looking for bigger homes and better amenities after the COVID-19 pandemic, but as theresidential supply in Delhi is mostly in the unorganized segment, it is creating a demand supply mismatch. The lookout forbetter amenities has led to the price of under-construction projects witnessing a QoQ rise of 4.4% in Q1 2021.
We observed that demand in Delhi is increasingly concentrated in the well-planned peripheral areas all around the city. Overallsearch volume in Delhi continued its downward trajectory falling 18.5% on QoQ basis in Q1 2021, after a downward dip of12.5% in Q4 2020. This pared the gains in demand made in Q3 2020 when demand climbed up sharply by 36%. The overall dropin search volumes and price dip in the ready-to-move segment in Delhi can also be attributed to the huge competition Delhifaces from the affordable luxury segment in various suburbs like NOIDA, Gurgaon and Greater NOIDA. Unlike in Delhi, most ofthese properties are spacious and in line with the demand of the buyers’ post-COVID.
Market DynamicsParameters India New Delhi
Demand+ -14.0% -18.5%Supply++ 7.7% 1.9%Price Index+++ 1.2% 2.6%
Notes:Above parameters represent QoQ change in Q1 2021 atIndia and city level + change in volume of property searches ++ change in volume of active listings +++ change in the average price of UC and RM properties
Source: Magicbricks Research
Ready-to-move Price Index
2017
2018
2019
2020
2021
2022
10,000
11,000
12,000
13,000
14,000
15,000
16,000
Average Price INR per sqft
"Ready-to-movesegment posted a0.7% QoQ rise in Q12021 after fallingconsecutively forprevious 5 quarters"
5 Years YoY QoQ
0.7%-3.2%-4.3%
Notes:1. Ready-to-move price index represents the weighted average price of completed properties on Magicbricks website as on Mar 20212. The trend line represents the average prices of dominant asset class in each locality of the city. Source: Magicbricks Research
Key Developers based on activelistings
Delhi Development Authority (DDA)
DLF Limited
Aggarwal Real Estates
Emaar India
Vasant Builders
Godrej Properties
Unity Group
JVTS Group
Planner N Maker
Ace Realtors
Note: The above table represents the top developers byshare of active listings on Magicbricks website in Q12021
Source: Magicbricks Research
Under Construction Price Index
2017
2018
2019
2020
2021
2022
10,000
11,000
12,000
13,000
14,000
15,000
16,000
Averge Price INR per sqft
"Under-construction(UC) performed betterin Q1 2021, postingpositive and significantprice increment at 4.4%
QoQ"
5 Years YoY QoQ
4.4%5.8%0.5%
Note:1. Under-construction price index represents the weighted average price of under-construction properties on Magicbricks website as on Mar 20212. The trend line represents the average prices of dominant asset class in each locality of the city.
Source: Magicbricks Research
Key Projects
Project Name Locality
JVTS Gardens Chhattarpur
DDA Flats Vasant Kunj Vasant Kunj
Freedom Fighter Enclave Saket
Uttam Nagar Floors Uttam Nagar
DLF Capital Greens Moti Nagar
DLF Chattarpur Farms Chhattarpur
DDA Flats Munirka Munirka
East End Apartments Mayur Vihar 1
M2K Victoria Gardens Model Town
Arya Chittaranjan Park Chittaranjan Park
Note:The above table represents the top projects by consumerpreference on Magicbricks website in Q1 2021
Source: Magicbricks Research
Average changes in prices for localities in various price segments
< 5,000 5,000-10,000 10,000-15,000 > 15,000
RM UC RM UC RM UC RM UC
3.7%
0.4% 0.3%
3.8%
2.8%
5.8%
-0.1%
5.4%
"Price incrementconcentrated in thehigh and mid-pricesegments of
under-constructionproperties"
Note:Above table represents the price changes for Ready-to-move (RM) and Under construction (UC) properties for dominant asset classes in each locality under various pricebuckets (INR per sqft) as on Mar 2021
Source: Magicbricks Research
In the News
1. To boost transactions, Delhi govt.has notified a 20% reduction in circlerates of land and immovableproperties. The new rates have comeinto effect and will continue tillSeptember 30, 2021.
2. For leveraging the real estatepotential, the government hasundertaken an INR 5,000 croreredevelopment of the New DelhiRailway Station through thePublic-Private Partnership model.
3. DDA has approved the draft of the‘Green Development Area' Policy forthe construction in Low-DensityResidential Areas and the green belts.
© magicbricks.com Page 1
Demand Supply Analysis New Delhi | Jan-Mar 2021
Demand focused in the peripherallocalities
After seeing an increased demand for largerconfiguration homes during the pandemic, thereal estate market seems to have stabilized in2021 post the share of affordable 2BHKS growingfrom 32% in Q4 2020 to 35% in Q1 2021.Additionally, the share of 1BHKs more thandoubled from 4% in Q4 2020 to 9% in Q1 2021.
"3 BHK configuration received themaximum, about 46%, of overallsearch volumes in Q1 2021, downfrom the high of 52% in Q4 2020"
Reversal of the COVID-19 led trend has led todemand share of affordable price brackets(costing less than INR 10,000 per sq ft) risingfrom 54% in Q4 2020 to 58% in Q1 2021.
Delhi had a geographically uniform demand in allits peripheral regions. In Q1 2021, the demandwas high in Dwarka, Vikaspuri and Uttam Nagar inthe West, Chhattarpur, Saket and Vasant Kunj inthe South, Indraprastha Extension, Mayur Vihar 1and Vasundhara Extension in the East, and Rohiniin the North. This trend reflects a growingdemand in affordable but well-planned localitieswith amenities and good connectivity throughwide peripheral roads.
In Q1 2021, the Dwarka sub-city remained the topmicro-market in the city both in terms of demandand supply. Other major micro-markets, in termsof demand, were Janakpuri and Laxmi Nagar and,in terms of supply, were Greater Kailash, andRohini.
3BHKs and above accounted for 56% of demand and 66% of supply
Above 3 BHK10%
3 BHK46%
2 BHK35%
1 BHK9%
DEMAND
Above 3 BHK18%
3 BHK48%
2 BHK27%
1 BHK7%
SUPPLY
Notes:1. Demand represents property searches on Magicbricks website during Q1 2021, segregated by Bedroom, Hall, Kitchen (BHK) configuration2. Supply represents active listings on Magicbricks website during Q1 2021, segregated by BHK configuration
Source: Magicbricks Research
Surge in demand for properties costing INR 4,000-5,000 per sqft
10,000-15,00031%
5,000-10,00045%
> 15,00010%
< 5,00013%
DEMAND
10,000-15,00025%
5,000-10,00057%
> 15,0009%
< 5,0009%
SUPPLY
Notes:1. Demand represents property searches on Magicbricks website during Q1 2021, segregated by price buckets2. Supply represents active listings on Magicbricks website during Q1 2021, segregated by price buckets
Source: Magicbricks Research
Top Micromarkets by Consumer Searches
Micro Market Price Range RankQ1-21
RankQ4-20
Dwarka 3500-11100
Janakpuri 4600-15400
Laxmi Nagar 4800-17800
Rohini 5700-17500
Green Park 14600-29500
Greater Kailash 10500-25400
Saket 8700-20300
11
82
53
34
95
76
117
Note:1. Top micro-markets of the city, ranked by number of searches onMagicbricks in Q1 20212. Price ranges represent the range of avg locality prices in themicromarket in INR per sqft.
Source: Magicbricks Research
Top Micromarkets by active listings
Micro Market PriceRange
RankQ1-21
RankQ4-20
Dwarka 3500-11100
Greater Kailash 10500-25400
Rohini 5700-17500
Uttam Nagar 3100-6000
Janakpuri 4600-15400
Green Park 14600-29500
Laxmi Nagar 4800-17800
11
62
33
54
105
96
87
Note:1. Top micro-markets of the city, ranked by their active listings onMagicbricks in Q1 20212. Price ranges represent the range of avg locality prices in themicromarket in INR per sqft.
Source: Magicbricks Research
Propensity of demand and supply in terms of searches and listingsby localities
Rana Pratap Bagh
Dwarka Sector 26
Lok Nayak Puram
Connaught Place
Rohini Sector 23Mukerjee Nagar
Duggal Colony
Paschim Vihar
West Enclave
Indraprastha
GTB Enclave
Jhangir Puri
Karol Bagh
Kapashera
Janakpuri
Shahdara
Mayapuri
Okhla
© 2021 Mapbox © OpenStreetMap
Note:1. Above map depicts the key localities of the city, with the size of the bubble depicting demand (consumer preference) /supply (active listings) forproperties in the localities on Magicbricks website in Q1 20212. This is an interactive map available on Magicbricks.com under Propindex section.Please go to https://property.magicbricks.com/microsite/buy/propindex/ to access the full dashboard.
Source: Magicbricks Research
© magicbricks.com Page 2
Demand/SupplyDemand
Price Analysis New Delhi | Jan-Mar 2021
Q1 2021 | Price Changes in Key Localities
Locality Avg Price PriceChange
Khanpur
Mohan Garden
Chhattarpur
Okhla
Uttam NagarWest
Mehrauli
Uttam Nagar
Dwarka Mor
Uttam NagarEast
1.0%
6.3%
2.5%
7.5%
0.1%
-1.0%
3.6%
2.8%
-4.3%
4,876
4,599
4,516
4,484
4,454
4,377
4,349
4,114
3,709
Locality AvgPrice
PriceChange
Laxmi Nagar
Dilshad Garden
Dwarka Sector 8
Dwarka Sector 3
Vasundhara Enclave
Dwarka Sector 13
Rohini Sector 24
Dwarka Sector 23
Dwarka Sector 5
Dwarka Sector 7
Dwarka Sector 12
Dwarka
Dwarka Sector 9
Dwarka Sector 4
Dwarka Sector 6
Dwarka Sector 19
Dwarka Sector 18
7.5%
-4.7%
-0.3%
1.0%
-0.1%
2.4%
1.2%
2.7%
0.8%
1.1%
0.0%
-0.4%
-0.3%
1.0%
2.5%
2.9%
0.6%
1.5%
2.1%
-0.5%
-2.6%
-1.3%
-2.8%
-2.5%
2.4%
9,948
9,875
9,747
9,739
9,403
9,230
9,172
9,161
9,131
9,093
9,082
9,051
8,981
8,948
8,921
8,864
8,837
8,836
8,746
8,640
8,487
8,302
7,806
7,373
6,006
Locality AvgPrice
PriceChange
Indraprastha Ext.
Patparganj
Kalkaji
Mayur Vihar 1
Rohini
Malviya Nagar
Moti Nagar
Alaknanda
Vasant Kunj
Vasant Kunj Sector D
Rohini Sector 13
Vasant Kunj Sector B
Rohini Sector 9
Lajpat Nagar
Anand Vihar
Punjabi Bagh 7.5%
-2.2%
7.5%
-1.5%
4.8%
5.3%
4.4%
2.7%
1.6%
7.5%
7.5%
-3.1%
0.2%
-3.3%
1.3%
-0.3%
14,680
14,625
14,453
14,025
13,956
13,899
13,746
13,481
13,136
12,319
11,690
10,920
10,717
10,573
10,439
10,259
Locality Avg Price PriceChange
Chittaranjan Park
Saket
Greater Kailash 1
Greater Kailash
Sarvodaya Enclave
Greater Kailash 2
Safdarjung Enclave
New Friends Colony
Hauz Khas
Panchsheel Enclave
Panchsheel Park
Vasant Vihar
Defence Colony 4.0%
0.8%
-3.2%
-7.5%
-0.7%
4.8%
-1.8%
1.8%
-7.5%
2.3%
1.8%
-0.4%
4.0%
27,524
24,515
22,257
21,048
20,124
19,700
18,847
18,747
18,668
18,391
18,253
16,841
15,408
< INR 5,000 psf INR 5,000-10,000 psf INR 10,000-15,000 psf > INR 15,000 psf
Note:1. Size of the bubble depicts demand, measured by volume of property searches in localities in Q1 20212. Color of the bubble represents price change in Q1 2021, with green color representing price increase and red color price decrease.3. This is an interactive map available on Magicbricks.com under Propindex section.Please go to https://property.magicbricks.com/microsite/buy/propindex/ to access the full dashboard.
- Localities in the INR 10,000-15,000 per sq ft price bracket have witnessed the maximum price increment due to the lookout for better amenities and location.These localities include Moti Nagar, Malviya Nagar, Lajpat Nagar, Punjabi Bagh (7.5%), Rohini Sector 13 (5.3%), and Vasant Kunj Sectors B & D (4.4%).
- Additionally, most of the affordable residential localities (<INR 5,000 per sq ft price bracket) in the peripheral areas of Delhi also saw price growth, includingMehrauli (7.5%), Dwarka Mor (6.3%), and Chattarpur (3.6%).
Source: Magicbricks Research
Note:1. Above is the list of major localities of the city, with information about their average prices and QoQ price changes in Q1 2021. This is an interactive table available on Magicbricks.com under Propindex section.2. The locality prices are calculated by averaging the prices of all properties in a locality in multi-storey and builder floor segments, after removing the outlier properties that might distort the overall prices.3. The four tables above categorize the localities in various price buckets.4. The color of the numbers represents the price change in Q1 2021, with green color representing price increase, red color price decrease, and grey as neutral. Source: Magicbricks Research
Surabhi Arora | Head of Research Devendra Lohmor | Chief Manager Ankur Upadhyay | Data Manager Suneet Saxena | Asst. [email protected] [email protected] [email protected] [email protected]
Please go to https://property.magicbricks.com/microsite/buy/propindex/ to access the full dashboard.
Disclaimer: The data represented above is compiled by MagicBricks from multiple sources. MagicBricks gives no warranty, express or implied, as to the accuracy, reliability, and completeness of any information and does not acceptany liability on the information which may or may not be subject to change from time to time due to Governmental or non Governmental regulations/directions.
For more information and research related queries, please contact:
Vasundhara Enclave-2.6%
Paschim Vihar7.5%
Laxmi Nagar2.4%
Rana Pratap Bagh
Dwarka Sector 26
Lok Nayak Puram
Connaught Place
Duggal Colony
Okhla Phase 1
West Enclave
Indraprastha
GTB Enclave
Manas Kunj
Yojna Vihar
Hari Nagar
Kapashera
Nai Walan
Madangir
Shahdara
Ber Sarai
Shadipur
© 2021 Mapbox © OpenStreetMap
-7.5% 7.5%
© magicbricks.com Page 3
-5% -2.5% 0% 2.5% 5%
