For prospective buyers who have watched real estate prices rise relentlessly over the past three years, here is some good news. For the last 3-4 months, prices of apartments have been stable in most parts of the NCR, while those of plots have come down in several parts. A wait-and-watch game is on: while investors are hoping that rates will resume their upward march, end-users are waiting for them to tumble to more affordable levels. Meanwhile, with very few transactions taking place, there is a lull in the market.

At a recent conference organised by the Confederation of Real Estate Developers Associations of India (Credai), underscoring the point that the future might be different from the past, Akshaya Kumar, chairman of real estate consultancy Colliers International said: “The NCR market will take a breather soon. At present there is a shortage of ready space because of which anything that is built gets sold. But in 18-26 months a huge inventory will hit the market. The market will at best flatten out, and at worst, decline. I am cautious for the next 18 months, bearish for the next 18-36 months, but bullish for the next seven years.”

Here is a look at the NCR’s major micro-markets
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