According to Proptiger.com, the real estate market in India has not been too promising for many developers and builders and many projects have seen delays, with new launches practically coming to a standstill. The survey conducted over Noida, Gurgaon, Mumbai, Pune, Bangalore, Chennai, Kolkata and Ahmedabad reveal a significant drop in numbers in terms of project sale.
However, there are some interesting highlights of how property sales have happened in two regions – NCR (North) and Bangalore (South).
The property market in the National Capital Region (NCR) has deteriorated compared to last year with launches dropping by 50% and sales volume declining to 22% in the first quarter of 2014 as compared to that of 2013. Increased property prices marked by stagnation in income levels have made affordability difficult here with project delays too which has reduced the buyers’ interest, say the findings. However, despite this, 49% of buyers are still investing from a speculative point of view.
The market has been pretty stable as compared to its neighbouring cities with sales in Bangalore going up by 6% every year. Bangalore’s real estate market caters to 80% end users. The improving socio-economic condition has also encouraged the populous mid-income earning families to invest in real estate, with Bangalore accounting for 17% of new launches.
