Buy Property in India

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THE CURRENT REAL ESTATE SCENARIO MAY SEEM GLOOMY BUT YOU'LL BE SURPRISED TO KNOW THAT IT IS AN EXTREMELY FAVOURABLE TIME TO BUY PROPERTY IN DELHI.

 

Delhi's residential market is perceptibly responding to the current market pressures. The increase in home loan rates has caused the residential sales slowdown to quite an extent. This would have been thought of as almost impossible earlier, considering Delhi's high rate of demand and speed of residential stock absorption.

 

Today, however, many prospective buyers are deferring their purchase and waiting for more amicable development to take place in terms of property and home loan rates. The luxury segment remains more or less insulated from this phenomenon – the demand for high-end-residences remains unaffected – but a watch-and wait stance is very obvious in the mid-income segment.

 

Nevertheless, the slowdown has brought to fore the dire need for affordable housing options. The DDA (Delhi Development Authority) has responded rather admirably chalking out a plan, to develop 6000 flats for the mid-income segment. Understandably the response from, the otherwise hesitant homebuyers has been tremendous. In fact, the Greater Noida Development Authority has launched a similar initiative. Thanks to these developments, residential units in the Rs 15 lakh range are once again a possibility Again; these kinds of rates in Delhi and NCR were unheard-of earlier.

 

In a nutshell, there has been a correction of approximately 10 per cent in certain pockets of Delhi's property market. However, many developers continue to hold on to their prices, and there is no classic overall correction happening, except on the resale market. Investors, who have bought units in bulk and are unable to offload them to a large extent, drive this segment.

 

The current market scenario may seem gloomy to the uninitiated, but the fact is that it is an extremely favorable time to buy property in Delhi. Entry levels are currently subdued and may sink further, and the market will inevitably recoup – and the long-term prospects are excellent.

 

In the future, one can expect significant new residential supply in the NCR region. To be more precise, Gurgaon, Faridabad, Ghaziabad, Sonepat, Bahadurgarh and Manesar will see new projects reach completion, thereby offering a wide range for prospective buyers to choose from.

 

In the not-too-distant future, the 1,483 km. DelhiMumbai Industrial Corridor, which will cover Delhi and NCR, Haryana, Uttar Pradesh, Rajasthan, Gujarat and Maharashtra, will add value to every sector of the property market in Delhi and the NCR region. This $90 billion project will open up three new ports and as many as six airports, and will link ten cities (including Faridabad, Surat, Delhi, Greater Mumbai, Meerut, Jaipur, Ahmedabad, Pune and Nasik).

 

The industrial units that will spring up along major transport arteries such as highways connecting ports (in response to the internal and external trade possibilities that open up) will add a completely new dimension to Delhi's residential, commercial, retail and ware housing sectors.

 

                                                       Courtesy: - HT dtd: - 20th Sep 2008

Date: 20 September 2008, Saturday
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