Planning an investment or mulling on buying your dream home? Then current January month might be the best time for you. The real estate industry is facing an acute downfall in inventory sale in Delhi NCR region which is prompting the builders to sale flats at throw away prices conflated with discounts.
In the Gurgaon region alone around 22, 000 new flats are waiting for their customers. The reason behind this non-selling of properties is nothing but down fall in demand by the end-user.
The current trends, which are now stagnant for good six months are suggesting that the buyer is can have maximum bargains. However, experts suggest that property rates will remain stagnant for next six months.
The compasse is a result of a unique situation where buyers are not willing to buy properties at the increased prices and builders are not ready to produce new inventories at till the current stock sells off. Due to which the industry is facing a free fall.
At the end, compelling the user to wait and watch position. If we talk about the whole market of Delhi NCR, which include-Delhi, Ghaziabad, Noida, Gurgaon- at least 1.80 lakh flats are waiting for their customers to come. Which the experts believe will take another 60 months to be sold.
“The reason for current scenario is unsold inventories, flats are getting customers, as per my view it will take another 70 months for these flats to be sold out” said real estate expert Lalit Takechandani to News Nation.
However, price rise is not the only reason behind downfall. Experts mark Customer betrayal as another prominent reason for this. Delay in possession, lack of quality, and difference of vowed and delivered has also resulted in market downfall.
In Noida Extension, the delivery of flats booked in the year 2009-2010 has not been done yet. Whereas, in Gurgaon where the market is much investor centric, misleading claims by developers have created major distrust among buyers.
“There are many reasons for this distrust, builders have shown no intentions to deliver flats on time, if a person is willing to buy a property he should buy them directly from the individual sellers, booking is not at all a wise option” said real estate expert SS Satija.
But why is it a good time?
Experts believe that prices will once again go up as soon as the crisis ends. Month of January has brought with it some positive signs. However, there is no official data available for current month the market professionals claim that there is a considerable increase in sales.
“We have seen some positive signs in the current month, the sales are once again going up” says Vinod Jha, Director, Himalya Infracon.
This ultimately means that if the current downfall ends in time there will once again be a surge in market. So, for those who looking for an investment, the current market has of giving back higher returns in a shorter time. On the other hand, the people who are looking for move-ins, it’s time for when they can get maximum bargains and attractive offers.
A wise investment can give you back maximum profits. Experts advice not to book on-card projects as there is no certainty about delivery. SS Satiya says that one should only ask buy a property from owners, which are ready to be sold, ready to move in also.
So, if you have some cash in hand and idea in of buying a flat, then start your quest for the property now. Experts believe that prices will once again go up as soon as the crisis ends.