Real estate in South Delhi is two times costlier than Gurgaon

Godrej is launching condo complex in South Delhi. Its per square feet rate is INR 20,000. It is nearly two times of the average going rate of properties in Gurgaon.

Godrej South Estate will be a five acre property in Okhla. It will have 29 floors, claiming to be the tallest tower in South Delhi. It is offering two, three and four bedroom apartments, starting from INR 3 crores. Possession will start in 2024.

MG Arun of India writes, “Availability of land is a major hurdle in the implementation of realty projects. Real estate players say the Centre should direct state governments (as land is a state subject) to start earmarking land parcels for real estate and make them available for free/nominal cost to developers in order to bring down input costs and make the prospect more attractive for developers. “

Delhi requires multi storied housing societies. It also requires commercial spaces. Allowing developers to use the land to provide such spaces will help businesses and residents.