People ask me the other day is it the right time to buy a property in Delhi-NCR? I say, If you have been hesitating to buy property in Delhi-NCR due to the high property prices, here is good news for you. Real estate prices in Delhi-NCR are already down. Therefore, this is just the right time for you to invest in a property in Delhi-NCR. This is the first time in the last 3 years that the sale of residential properties in NCR (National Capital Region) and Delhi have witnessed a slowdown. There has been a drop of about 30-40% in real estate sales in the region. Experts are off after that this is one of the major contributors of declining property prices.
Fall in Property Prices
If you are looking to purchase property in Delhi or NCR, this is the best time to go for your new apartment. There has been a significant fall in secondary market prices of properties in the posh south were to North Delhi areas in the recent times. Moreover, investors in the real estate market have now become desperate sellers. The region is witnessing the availability of many distressed deals in the market. People are desperate to sell off their properties, as they want the money for alternative uses. They are even willing to sell their apartments at a much lower price.
Unsold Inventory is Helping the Buyers
Many brokers have claimed that almost every builder in Delhi-NCR faces the problem of unsold inventory. They are not able to hold on to the inventory anymore, as they are desperate for cash. Moreover, buyers in Delhi are taking a lot of time to make up their mind about purchasing a property. While the problem of unsold inventory is a major reason for property prices coming down, the government’s recent decision to hike the circle rates in Delhi has also had an impact on the property sales. Buyers are now enjoying an upper hand and are managing to negotiate payment terms in their favor for up to 6 months instead of 3 months, which has been the standard norm so far.
Buyers Have an Upper Hand
It is just the right time for you to buy property in Delhi/NCR. Real estate developers have been gradually slashing their prices and providing various attractive schemes to draw buyers towards their properties. Thus, purchasing a house in Delhi/NCR today is an excellent option. Sellers in Delhi are quite desperate to sell, and you as a buyer can bargain and get a house of your choice at the right price.
Prices have never been this low since the last two decades, and the attractive schemes launched by the investors have struck a chord with the buyers. Prices of properties have come down in Delhi/NCR due to several factors like high rate of inflation, slow economic growth and high rate of interest. Property developers are burdened with high inventory levels and debts that are compelling them to slash prices in many localities of Delhi.
Other Reasons to Opt for Immediate Property Purchase
● Further decline in property prices will not happen in the immediate future due to the recent policies of a stable government in New Delhi, committed towards the development of infrastructure and land. So if you plan to buy a house, don’t delay any further.
● The average annual salary increment in India stands at a meager 10% and the inflation rate yet to be under control, but there are prospects of economic revival, which will lead to a sudden increase in property prices. So it is better for you to go for your dream house.
● Reserve Bank of India has recently taken certain steps due to which the rate of interests for EMIs would come down. This would again see an upward hike of property prices.
So before all these policies start impacting the property prices, you should seriously think of investing your money in the realty sector of Delhi/NCR.
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Author: The Real Estate Guru Tarun Shienh is the Chairman of Premia Group. He enjoys writing informative blogs, articles, and reviews. He likes to think of her writing as an online resource; helping end-users answer questions while guiding others in the direction they seek.