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Why this is the right time to buy a home in Delhi-NCR ?

28 May 2015

Right-Time-to-Buy   Life teaches you that you need to make decisions in the right time - not too early, not too late.- Jeb Bush Planning tobuy a house in Delhi-NCR? Prices likely to fall further - Source Hindustantimes
Good news, as prices are likely to decline in the next three to five months. For the first time in the last three years, sales of residential properties across Delhi and the National Capital Region (NCR) have registered an over 50% drop in January-March 2015, which according to experts builds a strong case for a price decline. In some pockets, prices fell 20% to 25% in 2014, and with sales showing no signs of improvement, developers are likely to slash prices by another 15% to 20% to clear up unsold inventory, experts said. Read Full story athindustantimes.com Published on 22nd May 2015 Secondstory published on Business-Standardon 14th March 2015:
Is this the right time to buy a house?To liquidate their huge inventories, builders have started offering huge discounts and freebies.
Supertech, at its Cape Town Project in Sector 74 in Noida, is offering buyers of its top floors a free studio apartment in Golf Village on the Yamuna Expressway. In Bengaluru, Nitesh Estates is offering heavy cash discounts on the purchase of some of its apartments. Recently, the Lodha Group organised a flash sale at its Lodha Grandezza project in Thane, offering flats at roughly Rs 8,000 per sq ft, down by more than Rs 3,000 per sq ft. In Kolkata, Siddha Group and Eden Realty are offering free cars on the purchase of each flat. With such schemes on offer, is this the ideal time to buy a house? There could not be a better time. With developers slowly cutting prices and plenty of subvention schemes on offer, buying a house is a smart option. With developers desperate to sell, buyers can bargain and get the right price. Prices haven't been so low in the last 15-20 years," he says. Singhal also feels that the freebie schemes have already struck a chord with buyers and are doing well. Thirdstory was published on Ecnomictimes on 25th December2014 : If you are looking to buy a house in Delhi this could be the best time. Secondary market prices of properties in posh South Delhi localities have fallen 25-30 per cent over the last one year as a pileup of inventory and need for money turn many investors into desperate sellers.Property brokers and consultants say there are several distress deals available in the market today. "Many people are desperate to sell today as they need money for alternative use. These people are willing to sell at a much lower profit," said Santhosh Kumar, CEO, operations, at real estate consultancy JLL India. In a recent deal, an apartment built on a 1,200 square yard plot in Delhi's posh West End area was sold for Rs 13 crore. The sellers were asking for Rs 17-18 crore a year back. During the peak, it would have sold for around Rs 22 crore. Similarly, a builder sold a floor in Niti Bagh for around Rs 13-14 crore, climbing down from his ask of Rs 18-19 crore about 10 months ago. A 1,200 sq yard plot in Hauz Khas that a family was asking Rs 60 crore for six months back isn't getting sold for Rs 45 crore today. A south Delhi broker, who did not wish to be named says every builder today has unsold inventory. "Many of them are unable to hold on to this inventory anymore as they are strapped for cash." MK Minocha, general manager, luxury housing, at Delhi-based builder Uppal, said, "There is a correction because buyers are taking time to decide. They are still waiting." In Gurgaon's Phase 1 area, a second floor apartment has been sold for Rs 1.72 crore to an end user, down from Rs 2.25 crore that the seller was asking for some time back. Even in not so prime areas such as Chittaranjan Park, brokers say apartments that were quoting at Rs 2.4 crore are now available for Rs 1.8 crore.

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