Delhi NCR
A lack of activity from the investor and underwriter segments is increasingly leading to a situation where real estate developers have no choice but to cater to the requirements of an end-user – as a result, a home buyer is in a better position to negotiate and take benefit of the softening prices.
It is due to the upcoming general elections and volatility in the national and global financial order, investors have adopted a cautious approach.
“Underwriters enter the market for short-term gains. Their presence may provide developers a sense of comfort, but at the same time, it results in escalated prices, of which an end-user has to bear the brunt,” says Abhay Kumar, chairman and managing director, Griha Pravesh Buildteck.
This is why, developers in the NCR cities such as New Delhi, Gurgaon, Noida, Faridabad and Ghaziabad, are seen fine-tuning prices to keep the ball rolling.
For instance, in sectors 76, 77, 119 and 120 in Noida, 1,000-sq ft multi-storey apartments that had touched the levels of Rs 50-52 lakh in the beginning of 2013, are now available in Rs 45-48 lakh.
“The recent price correction is a result of withdrawal of investors from various projects,” said Aman Agarwal, director, KV Developers.
Property prices in many parts of Gurgaon such as sectors 84 and 92 are down by 10-15 per cent as compared to the prices that prevailed until March 2013. A similar trend has been observed in Kaushambi and Vaishali areas of Ghaziabad as well.
The prime South Delhi areas such as Vasant Vihar and Defence Colony are reportedly witnessing a correction of 20-35 per cent, mainly because of cash-strapped investors who are now losing their patience and want to liquidate their holdings. Thus, a 1,000-sq ft apartment which was earlier priced at Rs 4.5-5 crore in these areas could now be purchased in Rs 3.5-4 crore.
Source :- http://content.magicbricks.com/real-estate-investors-go-slow-home-buyers-in-ncr-to-benefit/
A lack of activity from the investor and underwriter segments is increasingly leading to a situation where real estate developers have no choice but to cater to the requirements of an end-user – as a result, a home buyer is in a better position to negotiate and take benefit of the softening prices.
It is due to the upcoming general elections and volatility in the national and global financial order, investors have adopted a cautious approach.
“Underwriters enter the market for short-term gains. Their presence may provide developers a sense of comfort, but at the same time, it results in escalated prices, of which an end-user has to bear the brunt,” says Abhay Kumar, chairman and managing director, Griha Pravesh Buildteck.
This is why, developers in the NCR cities such as New Delhi, Gurgaon, Noida, Faridabad and Ghaziabad, are seen fine-tuning prices to keep the ball rolling.
For instance, in sectors 76, 77, 119 and 120 in Noida, 1,000-sq ft multi-storey apartments that had touched the levels of Rs 50-52 lakh in the beginning of 2013, are now available in Rs 45-48 lakh.
“The recent price correction is a result of withdrawal of investors from various projects,” said Aman Agarwal, director, KV Developers.
Property prices in many parts of Gurgaon such as sectors 84 and 92 are down by 10-15 per cent as compared to the prices that prevailed until March 2013. A similar trend has been observed in Kaushambi and Vaishali areas of Ghaziabad as well.
The prime South Delhi areas such as Vasant Vihar and Defence Colony are reportedly witnessing a correction of 20-35 per cent, mainly because of cash-strapped investors who are now losing their patience and want to liquidate their holdings. Thus, a 1,000-sq ft apartment which was earlier priced at Rs 4.5-5 crore in these areas could now be purchased in Rs 3.5-4 crore.
Source :- http://content.magicbricks.com/real-estate-investors-go-slow-home-buyers-in-ncr-to-benefit/
Nice Blog ! we are gud information of ur blog Imperia H2o
ReplyDelete