Residential prices decrease in Delhi-NCR
A report says during the period of 2013, the housing prices decreased by an average of 8 percent as compared with the previous year. The reduction of prices is due to political uncertainties.
According to the report, Delhi-NCR is the most demanding property location in India. While the present economic conditions and political uncertainty is getting reflected in the prices of property in this region.
The report also says that the quarter on quarter comparison shows a decline of 2 per cent in Q4-13 as compared to Q3-13.The report is showing a drop of 8 percent in 2013.
The average rent for 3BHK flats have dropped by 6 percent during the fourth quarter of 2013 as compared to the previous quarter. The overall rentals have decreases by 7 percent during 2013.
Speaking on the subject, Mr.Vineet Singh, a real estate expert says that the Delhi-NCR area is witnessing a dropdown in transactions due to factors like slackened demand for real estate, high costs of borrowing and rising inventory of projects by real estate developers. He further added that some areas have shown a rise in prices like Noida extension, Yamuna Express way and Bhiwadi area near Gurgaon because of presence of economical new projects. The Removal of toll and launch of new projects by developers will shore up the prospects of real estate in the area.
Mr. Singh also says that the upcoming elections in April will also ameliorate the situation with lots of policies likely to move out of limbo.
In the western region, the prices have remained constant in Mumbai showing a increase of 1 percent during Q4-13 over Q3-13 while Pune witnessed no change in price.
The statement mentioned that the annual comparison of Mumbai and Pune shows a double digit growth in Q2-13 over Q3-13.
Source: PTI
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