Property prices are dependent on certain
factors and some of them may work as rising factor where others work as price
cutter. Property is something from which people want maximum profit and wait
for the time of high price of property to sale that. On the other hand buyers
try to get a property of low price with all kind of facilities and amenities
that you can imagine of. So the price of property is mainly dependent on
economic growth and consumer confidence.
Reason
of residential property prices in Delhi
Residential property has various issues
related with price and generally price of residential property is lower than
any other property says property.sulekha.com.
Residential property prices in Delhi
are dependent on the following factors:-
· Location
of the property affects the price a lot. Like locality, connectivity with the
entire city, availability of bus, train and other vehicles, distance of markets
and hospitals from the resident etc has high impact on the price of resident. Price of properties located at restricted zone
is dependent on the restriction. Population and urbanizations are two issues
which also affects the price of residential properties rapidly. Increment of
population and rapid development of urbanization may increase the value of
property.
· Market
value and zoning are two factors which can influence the price of residential
property too. If market rate is high
then automatically price of the resident will be high and the property owner
will be able to make a huge profit. Another factor zoning is something which
affects the tax of the property directly. Another aspect of zoning is economic
growth; property located on an economical zone will have a high price.
· Another
important issue which affects the price of property badly is unemployment. If
people do not have enough money to buy a property and do not have job to earn
money then craze of property buying will be reduced automatically. Reduction of
buying craze will affect the price of property too.
· Another
issue which affects the price of the residential property is rental vacancy
rates. Depending on the rate of rental vacancy the price of the property can be
high or low.
· Another
issue is interest rate. If the interest rate is high then people will be less
interested about buying properties where as if the rate of interest is
relatively low then people will be interested of purchasing properties. Consumer’s
confidence is a thing which can increase the price of property.