Bliss Tree Infracon Pvt ltd Noida Sector126 has made many survey regarding property in Noida and found that there is change in the scenario ,the slow down in sales forced builders to slow down its prices and here is the report of the survey.There are no takers for shut to 6 lakh homes in the country, forcing builders to cut prices and dole out freebie, which many hope will indication the much-awaited correction in the home market ahead of the festival season.
With the economy in a untidiness, the rupee caught in a tornado and the job scene failing by the day, buyers are shying away from the market, leaving builders to grapple with an inventory of over 700 million sq ft. By end of June 2013, cumulative nationwide unsold inventory was 670 million sq ft, up 54 million sq ft in just one quarter, says property research firm Liases Foras.
According to the National Housing Bank's (NHB) housing housing index, Residex, 22 of the 26 cities it tracks have seen a decline in home prices in the April to June quarter. Prices are expected to fall further, says NHB Chairman RV Verma. "Developers are now willing to take a haircut on their margins," he says.
There are signs the bubble will finally burst. A 1,100 sq ft apartment in Noida Extension that cost around Rs 42 lakh a few months ago can today be bought for around Rs 37 lakh, as the builder is agreeing to a 10% discount.
Across town near Gurgaon's Dwarka Manesar Expressway, a 1,200 sq ft apartment can be had for Rs 77 lakh as compared to a86 lakh six months ago. gFor a first-time home buyer, this is the right time to buy as developers are under pressure and are willing to reduce prices and also waive off charges for benefits like club membership and preferential location, h says Samarjit Singh, managing director of IndiaHomes, a venture capitalbacked realtor.
In the ten years that I have been around, I haven't seen prices falling like this before, h says Rajni Nagar, a real estate agent in Noida, who is advising her clients to hold their investment plans until Diwali.
Source:- http://economictimes.indiatimes.com
