Improved sales despite price rise in NCR
Delhi-NCR- The hike in property price in Delhi-NCR has not stopped the property sales as it is believed that the year 2013 will improve the realty sector due to the high demand and possible reduction in key policy rates.
Most developers feel that despite the increased demand for the residential properties in Delhi-NCR region, the prices will continuously increase by about 10-15 percent from the present rates. The rates will also increase with the presence and proposing of the economic indicators.
The RBI has already declared about its key policy rate reduction this year which will help the home buyers while buying properties. This eventually will improve the overall sales within the country as well as the metro cities.
The property price rise is expected to happen due to the presence of various factors in the market. Factors like rate reduction, stabilising European crisis, measures to control the inflation and constant developed market performance will have an impact on the property sales. This will be followed by increased construction costs and inflation.
On the other hand, the property supply when compared to the demand in NCR has dipped as a report stated that the region had a launch of about 31,000 residential units in six months followed by a dip of 22 percent in the same period.
As per the developers the property prices are expected to rise by about 15-20 percent due to factors like cost of building, possible rate cuts, and rise in inflation. Adding on it will be the implementation of the land acquisition bill which will increase the overall cost of the projects. Although the land consolidation will be complicated, the developers prefer to increase the final cost of the apartments.
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