Property prices fall in Vadodara
Vadodara- The property prices in the city is showing a downward trend from past few weeks. This major correction in real estate market of Vadodara has brought cheer to many middle class families who are planning to buy affordable flats.
The prices of properties in Vadodara has reduced by 15 to 20 percent. Builders are offering properties on discounted rates to customers in order to pay off loans and reduce risks.
It was found that many builders had purchased agricultural land by posing themselves as farmers. And as per a notification by the district collector, agricultural land owned by people who have become farmers cannot be purchased or sold. Along with this notification, the process of giving non-agriculture (NA) permissions was also made stringent.
The reduction in property prices has especially brought smile to people who are seeking to buy affordable houses. There are two major reasons behind this downward trend- halted land deals and low demand of affordable housing.
Owing to low demand of affordable housing, many developers are now focusing to sell their properties at reduced prices. The builders are disposing off their flats and no new investments are seen.
The district collector also agrees that this correction in prices will prove beneficial to middle class buyers. He added that reduced speculative land trading activities have contributed in the reduction of property prices over 20 percent.
According to a member of Confederation of Real Estate Developers Association of India (CREDAI), the reduction in property prices is a short term effect. Although it is a good news for lakhs of citizens, but very soon the demand will grow and property prices will shoot up sharply.
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