Realty In Shambles! House Prices Lower Now Than In 2013-14 In Delhi, Gurugram

New Delhi: The prices of houses in Delhi and Gurugram have gone down since 2013-14. Yes, you read it correct. A house can bought now at lower rate than the rates which prevailed in financial year 2013-14 in these two cities, according to national Housing Bank data. 

The prices of under-construction residential property in Delhi was Rs 9,999 per sq ft (on an average) in third quarter (Q3) of fiscal 2013-14 which stood at Rs 9,556 per sq ft in Q3 of 2018-19, the latest data that the bank has.

As the table below shows, the prices have almost continuously been falling. It touched the lowest in Q3 of 2016-17 when it touched Rs 9,297 per sq ft. There has been some correction since then but it is still lower than the prices that were there in Q3 of 2013-14.    

The prices of under-construction houses in Gurugram was Rs 9,469 per sq ft (on an average) in third quarter (Q3) of fiscal 2013-14 which stood at Rs 8,759 per sq ft in Q3 of 2018-19. 

As the table below shows how the prices have moved. It rose in Q3 of 2014-15 to touch Rs 9,767 per sq ft. The lowest was recorded in Q3 of 2017-18 when it stood at Rs 8,275 per sq ft but there has been some correction after that.  There has been some correction in Q3 of 2018-19 but it is still lower than the prices that were there in Q3 of 2013-14.