Property price dropping down
The current market prices of property have fallen below the circle rates owing to the subdued realty market in many locations like New Friends Colony, Kalindi Kunj, and Noida in the NCR; Behala, Thakurpukur, Kolkata Main and Lake Town among others in Kolkata, and in small cities like Bhopal.
There are many other cities and localities where this aberration has surfaced, affecting property transactions adversely. The West Bengal government cut the circle rates after the Confederation of Real Estate Developers’ Association of India (Credai) raised the issue in Kolkata. Now, for instance, the circle rate for office space in Salt Lake Sector V has been brought down to Rs 4,500 per sq ft from Rs 8,000 sq ft.
Developers and stakeholder discussed this concern at the recently held National Convention of Credai at Jakarta and decided to raise it strongly with the other state authorities as well. This has been a scenario since quite a few days. It is also being believed that the property price might fall down in the upcoming two years. However this would not be stagnant and might rise back later.
Source: The Times of India
Circle rates, Confederation of Real Estate Developers' Association of India, CREDAI, current market prices, Developers, National Convention of Credai, Salt Lake Sector V, Stakeholder, West Bengal government
