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- Delhi to face slump in property prices!
With introduction to the ‘Circle Rates’, real estate market of Delhi is expected to see an immediate slump. Realtors in the National Capital Region (NCR) hope this will make investors look more at the suburbs.
Circles rates are already effective in NCR areas, and with Delhi joining the ranks there is likely to be a short-term slump in Delhi’s real estate market as the flow of “unaccounted for” money will stem somewhat.
Most of the realtors on this decision of govt. are taking a slump in property market of Delhi as inevitable as high-end buyers and big realtors are more comfortable trading in cash. People who can afford to pay more in black will now have to pay more in white. Registration fees will thus be higher.
Buyers may be walking to NCR also, where prices are lower in comparison to that of the capital, where in spite of circle rates applicability, the amount one has to pay in white will be less than what one has to pay legally for a property in Delhi.
When circle rates were first introduced in Faridabad in 1991-92, the real estate market there saw a similar trend to what experts are now predicting in Delhi. Harish Arora, who owns Link Estates in Faridabad, said the market was stable when circle rates were introduced, like the present Delhi market.CommentQuote0Flag
- circle rates
quote circle rate in connaught place middle circleCommentQuote0Flag