A survey which was conducted has shown that post demonetization, there is very less confirmation of any crucial price correction in the real estate market. This is just the opposite of what the previous reports said.
If we have a look at the general overview of the market situation, it remains unsatisfactory as an effect of the demonetization.
The survey focuses on the quarter which came right after the move of demonetization, which conveys that even after the note-ban; the expected price depreciation did not take place for the scarcity in the volumes of transactions.
The properties which were ready were preferred over the under-construction properties. But the prices of these properties have witnessed a downfall. And on the other hand, the under-construction property prices have witnessed an increase, according to the survey.
As per the report, the range of prices which are preferred by the consumers in the residential segment is Rs.3000-6000 per square feet. Since the prices in the residential segment are expected to remain the same, the present market situation will be continued for the next 6 months. In 14 cities across the nation, more than half of the localities come under this price range.
One more point that the survey reveals is that the main suburban cities which lie in the middle and high budget levels have performed well if we talk about the price in the quarter.
The real estate market of Delhi and National Capital Region (NCR) saw a fall in the prices in the quarter by 1%. Among all the cities of NCR, Delhi witnessed the highest downfall in prices in all the segments.
The real estate market of Delhi is going through a major slump, which seems to be the most affected in the country. Gurgaon is also not far behind, with the problems of piling up of unsold flats, sluggish prices and delay in projects.
