What’s happening in the property market?

In a recent webinar on ‘Delhi NCR, Kolkata demand 2BHK units, Gurgaon opts for 3BHKs’, Magicbricks attempted to study the same. Noted experts, E Jayashree Kurup, head, Content and Research, Magicbricks and Uma Sitaraman, lead researcher, IIMB-Century Real Estate Research Initiative (CRERI)  discussed sentiments across leading Indian realty markets with a special focus on consumer queries in the North and East regions.

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The two main indices that point out property trends and buyer sentiments are PropIndex that covers 11 active realty markets of India and the Housing Sentiment Index (HSI), which does a scientific research on housing sentiments and analyzes future index for the cities.

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Here are some of the queries-

Isn’t there an over-supply in the Noida market? If yes, would developers be keen on reducing the prices further to offload their stock? Shailendra Pal

Developers do not usually reduce prices, but prices do not go up with the inflation levels. However, there is another aspect, when developers find that buyers are not active in the market, although they might not be cutting down on the listed prices, they are open to negotiations. Make sure you figure out whether you are buying in an area that has more of demand and supply. Magicbricks gives you city and macro-level trends. A city is never equally over-supplied or under-supplied. You can aggressively negotiate if it’s a buyers’ market.

Which are the best localities to invest in Delhi? Sona Patnaik

Areas where values have already gone up will not give very high returns in future. However, localities where new stock is coming up would be beneficial in future. Delhi market is primarily slow as of now. It used to be an investors market which created a substantial momentum within the market. Today, most of them have taken to the land pooling areas. After the DDA draw, there would be substantial talk in the market if they deliver on time. The circle rates that have gone above the market rates need to be considered. If you are planning on buying property, check out PropIndex for quarterly shift in trends and prices at the locality level. There are new areas like Bahadurgarh, where the metro is expected to give realty a boost. If you are entering as an investor, the peripheral areas could be a good choice. Do not buy if the infrastructure is not conducive.

Should I buy now in Delhi or wait for six months because of fresh elections? Manoj Pawar

Consumers are in the wait and watch mode because they expect new policy initiatives to take place. If there are new policies there will be real estate related shifts in trends as well.

 Do you think I should opt for an independent house in Noida or a luxury flat on the Expressway, from a capital appreciation point of view? Jimmy Mohikar

As of now, Noida doesn’t offer plotted developments to be redeveloped into single units. In Gurgaon and Delhi this is allowed, which is why you can see plotted developments in demand. Noida boasts a large stock of apartments coming up on the Expressway and the Noida Extension. Resultantly, you may not get very high returns yet for your plotted development which is why you may consider projects along the Expressway. But since there are a lot of developers active in this area, make sure you research the track record of the developer before investing.

I want to invest in a 2BHK in New Town and want to know what budget to should allot. What is the appreciation potential? Pinaki Ray

Kolkata is in a cusp as of now. If Kolkata witnesses commercial development, considerable boost is to be expected. Currently, the rates are not very high but if you invest early, there would be some capital appreciation. New Town property rates are Rs 4,400-5,600 per sq ft and the area recorded a 2 per cent rise in values in the previous quarter.

For more solutions to your queries from across India and other details, watch the full video here!

Source:http://content.magicbricks.com/industry-news/delhi-ncr-real-estate-news/whats-happening-in-the-property-market/78057.html