The last quarter of 2016 witnessed a huge downfall in the prices of flats due to demonetization but this year things have really improved especially in the NCR region. Areas like Greater Noida, Gurgaon and other nearby locations have not only seen a rise in the price but also in the demand. According to the City Index it has been found that Noida, Delhi, Gurgaon have had their high share of preferences when it comes to buying the houses. People have preferred NCR region and that is why the sector has improved a lot even after demonetization hit the country hard in the last year.
The buying trends have improved and are still improving with Noida seeing a rise of 37%, 26%in Ghaziabad and 41% in Greater Noida. But still these numbers are not enough as NCR is on the weaker side. There are a number of ready to move houses vacant in the NCR region and time has been really tough for the developers. But coming to this year, there are chances that things would improve and some signs are already visible.
Demonetization has put an end to black money especially in Delhi which is the biggest for the real estate industry. In an instant the housing deals became dead and it was a big setback to the entire sector. But the main motive was just to curb the unethical practices which in turn were affecting the general buyers. Now all these bad practices have come to an end and the market is growing at a fast pace.
According to the experts, the condition of the market has changed a lot but the customers will understand and get used to the new changes with time. Same is the case with the developers as even they will get through the situation and get more buyers in the coming months. Slowly and steadily, the market is showing some improvement and the same can be hoped for the coming time too. Apart from RERA even GST will have some impact on the real estate. It will be interesting to see how the developers will cope with it or come up with new ways.
NCR has always attracted the home buyers owing to the number of factors and even in the present time people are looking for property in and around this region. So let’s see how the buyers will behave with GST and other bills making its way to affect the real estate industry.