Should you buy a property in Delhi NCR now?
If you have been thinking about buying a property in Delhi NCR, this is just the right time. With an unsold inventory of more than 620,000 housing units across the country, many developers have cut down prices and introduced attractive schemes and offers. In the beginning of 2015, Delhi-NCR ranked second on the list of metros with unsold inventory of 51 months. Property experts suggest there could not be a better time to buy a house in Delhi NCR. Sanjay Sharma, a South Delhi based real estate consultant, says that property prices have stabilized due to the formation of a stable government at the centre. Buyers can therefore take advantage of the situation and get a property at the right price. “It’s a buyer’s market,” Sharma comments.
Many developers are offering freebies to attract new customers. Buyers of top floors in a premium project of Sector 74 Noida now get a free studio apartment in Golf Village on the Yamuna Expressway. Similarly, buyers of luxury apartments in a Gurgaon-based project can get a cashback of Rupees 16 lakh. However, it remains to be seen if such offers and freebies can make an impression and entice buyers into actually making a purchase. Anuj Puri, chairman and country head at Jones Lang LaSalle India, emphasizes the need for developers to correctly price their offerings. Puri further warns that freebies can enhance sales only if they translate into major financial savings for the buyers.
Some experts suggest that this is not the best time for investment in real estate. Buyers understand that properties that have attractive offers are already overpriced. Again, they must exercise caution before responding to any of these attractive offers. The fact, however, remains that the real estate market in Delhi NCR, unlike the last year’s slump, is picking up pace in 2015. Developers are making desperate attempts to sell by offering competitive prices. Buyers therefore may be making a smart move by capitalizing on some of these offers.