Property Prices may not go up
People who are hoping to purchase a property any time soon shouldn’t worry about price rise for now. While the rest of the country rejoices and welcomes the Modi government, Shailesh Singh who is a Delhi based executive seems to be very worried. He has been looking for an apartment in the NCR region of Delhi for quite some time but luck hasn’t favoured him yet. With the victory of the BJP, he is worried that the real estate prices would go high again and make it difficult for him to purchase a fine house for himself!
According to realty experts, even if there will be a couple of raises in prices and transactions, it will be short lived. Prices won’t shoot up until the next 12 months.
One of the major reasons why prices won’t rise so quickly is because they are already very high and expensive in the metro cities. The stunted growth of the economy has lead to a revision of salaries and ultimately influenced the buyer’s power to purchase.
The Real Estate Regulation and Development Bill needs to be passed and certain provisions need to be modified as well. One of them shockingly says that if the developer doesn’t follow certain rules, he could be incarcerated. The developers are also facing a cash crunch because of the lack of sales. This has forced them to borrow from NBFC’s, private lenders and players at high levels. This has made properties so expensive.
{Source: The Times Of India, Mumbai}
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