Sale in property dropped by 37 percent in the capital
Housing sales dropped by 37 percent in Delhi-NCR to nearly 28,500 units during the first six months of this year due to slowdown in the property market, real estate consultant Knight Frank said today. In the year-ago period, the National Capital Region (NCR) had witnessed sales of 45,300 housing units.
Launches of new homes in NCR fell by nearly 43 percent at 35,500 units during January-June 2014 as compared with the corresponding period of last year. Despite lower launches, Knight Frank said nearly 1.67 lakh units remained unsold in the NCR market in June and it would take more than two years to sell these unsold inventories.
The National Capital Region witnessed a slowdown during 2013, and this downward trend continues in 2014 as well as Knight Frank India said in a report ‘India Real Estate Outlook’ released recently. Pressures of substantial unsold inventory and liquidity constraints have compelled developers to keep new launches in check.
The sudden hike in the property prices is one of the major reasons why the housing sales have dropped in the Delhi-NCR regions and also other parts in the country.
Source: The Tribune
housing sales, Knight Frank India, National Capital Region, NCR market, property market, real estate consultant Knight Frank
