BANGALORE/MUMBAI: If you have been waiting to buy a home, this could
be your chance for some bargain hunting as nearly five lakh apartments
are expected to be delivered this year, shaking up an already
oversupplied home market and forcing investors to sell them in a hurry.
"The widening demand supply gap will help prices fall further," says Pankaj Kapoor, managing director of Liases Foras, a property research firm, which supplies market data to banks and industry.
ET reported on Monday that property prices have begun to soften around the country and builders have started to offer discounts as high as 10% in some cases. According to the National Housing Bank's (NHB) residential housing index Residex, 22 of the 26 cities it tracks have seen a decline in home prices between 1% and 5% in the April to June quarter.Gurgaon Apartments price rate is reduced
While builders under pressure have started offering
discounts, an even better opportunity is emerging in the
secondary-resale market where over-leveraged investors who had picked up
properties over the last few years are willing to offload their
inventory at discounts as high as 30%.
The advantage for a home buyer in gurgaon is that several of these apartments that investors are selling in cities like Gurgaon, Noida, Mumbai, Bangalore and others, will be delivered in 2013, so the wait for your dream home could become much shorter.
Many investors who are already sitting on ready-to-move-in properties are also exiting at discounts for want of funds and the fear of a further correction.
Amit Bansal, who runs a chemicals business and has been investing his business surplus into real estate, sold a 2,400 sq ft apartment in Emaar MGF's Palm Terraces Select on property in Golf Road Extension in Gurgaon property for Rs 8,300 sq ft fearing a drop in prices in the current market. Just a few months back he was getting offers of Rs 8,600 per sq ft for the same apartment.
For the end-user who bought the apartment, the price was a decent bargain, of over 40%, considering the developer's price is around Rs 12,000 per sq ft. For Bansal too, it was a more than profitable exit as he had invested at a much lower price point.
Read More:http://articles.economictimes.indiatimes.com/2013-09-04/news/41765504_1_sq-ft-50-lakh-rs-70
"The widening demand supply gap will help prices fall further," says Pankaj Kapoor, managing director of Liases Foras, a property research firm, which supplies market data to banks and industry.
ET reported on Monday that property prices have begun to soften around the country and builders have started to offer discounts as high as 10% in some cases. According to the National Housing Bank's (NHB) residential housing index Residex, 22 of the 26 cities it tracks have seen a decline in home prices between 1% and 5% in the April to June quarter.Gurgaon Apartments price rate is reduced
The advantage for a home buyer in gurgaon is that several of these apartments that investors are selling in cities like Gurgaon, Noida, Mumbai, Bangalore and others, will be delivered in 2013, so the wait for your dream home could become much shorter.
Many investors who are already sitting on ready-to-move-in properties are also exiting at discounts for want of funds and the fear of a further correction.
Amit Bansal, who runs a chemicals business and has been investing his business surplus into real estate, sold a 2,400 sq ft apartment in Emaar MGF's Palm Terraces Select on property in Golf Road Extension in Gurgaon property for Rs 8,300 sq ft fearing a drop in prices in the current market. Just a few months back he was getting offers of Rs 8,600 per sq ft for the same apartment.
For the end-user who bought the apartment, the price was a decent bargain, of over 40%, considering the developer's price is around Rs 12,000 per sq ft. For Bansal too, it was a more than profitable exit as he had invested at a much lower price point.
Read More:http://articles.economictimes.indiatimes.com/2013-09-04/news/41765504_1_sq-ft-50-lakh-rs-70
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