The price levels is being maintained by the real estate developers as the interest rates are rising and demand is slowing down. According to real estate intelligence platform, this year the maximum number of unsold property was observed highest in Delhi-NCR at 102,758, it was followed by Mumbai at 90,512 and after that Bangalore with 46,596 units. Combinations of many factors like rise in interest rates, slow demand are responsible for inventory pile up. The concerns for the developers this year has been limited access to funds, high construction costs and increasing cost of debts. Regulatory policy by RBI, delay in getting project approval and uncertainties related to land acquisition also affected the developers. For buyers the biggest issue for concern was affordability.
Since March 2010, Reserve bank of India has raised its policy rates by 12 per cent. Lending rate of banks showed similar rise. The price correction in real estate which was expected by the buyers does not seem to happen yet. The developers have slowed their fresh launches but there is still no fall in price rates. Reports show Gurgaon showed maximum price rise of 21.4 per cent, Mumbai at 13.2 per cent and Pune at 12.5 per cent.
Since March 2010, Reserve bank of India has raised its policy rates by 12 per cent. Lending rate of banks showed similar rise. The price correction in real estate which was expected by the buyers does not seem to happen yet. The developers have slowed their fresh launches but there is still no fall in price rates. Reports show Gurgaon showed maximum price rise of 21.4 per cent, Mumbai at 13.2 per cent and Pune at 12.5 per cent.
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