Price Declines by 14% in Top 8 Cities, Best Time to Buy!

With many beneficial plans imposed by the developers after demonetization, property seekers must look out for the best deal at the reduced rate across eight cities in India. The median price of new launches in top eight cities has reduced by 14 per cent in a year, reports Cushman & Wakefield – a global property consultant.

After the demonetization move by the prime minister of India, the real estate market saw a slow fall in the residential sector due to the mismatch between price and value. Many developers went for changes in prices and offered good discounts or smaller units to lower the effective ownership costs and enhance affordability so that they could give better values for home buyers.

Moreover, the builders decrease the number of new launches and rationalise ticket sizes especially in the high-end and luxury segments. As per the report of Cushman & Wakefield, new housing units declined by 11 per cent to around 113,000 units, middle-income housing and value housing segment increases accounted for 56 and 32 per cent of total units launches. Last year, the high-end housing segment was hit the most with reduced units to half at almost 12,000 units.

“We have deferred our new launches as there is a lot of uncertainty in the market with regard to the real-estate regulator,” says Bijay Agarwal, Managing Director, Salarpuria Sattva Group.

Several plans of giving discounts offer will continue till the inventory gets reduced. For homebuyers, these offers combined with recent bank rate cuts make this period the best time to buy a home.

Source: ET Realty

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