National Capital Region: The real estate market of NCR is slump down by 68% in the first half of 2015 as compared to the first half of year 2014. A real estate consultancy has found that the launches of housing projects in region were lower in the first half of 2015 by the average launch of housing in the last year 2014 in the same period.
NCR is the largest real estate market of India in which only 11,360 housing units were launched in between January & June of 2015 whereas total 35,500 units were launched in the same period of 2014. Apart from these housing units, there was also no launch of premium housing priced above 3 crore in the region. And it was directly affected on the demand of properties priced above Rs. 3 crore have also dropped by 77.7%. In the first half of 2013 total 918 premium houses were launched whereas only 215 were launched in the same period of year 2015.
It indicates that the overall market sentiment of the region in the second half of year 2015 is likely to stay with new launches below 20,000 units.
The mostly projects (43%) in the first half of 2015 were driven by affordable housing policy of Haryana Government. The report predicted that the NCR property market remains in stuck by low sales in the next half of 2015. The most of the under-construction inventory regions of NCR are Greater Noida, Noida and Gurgaon where the 30% of under-construction inventory was launched in 2009-2010. The current inventory of NCR is 1,89,768 units, which is highest across the country.
In the midst fall of new launches in NCR, Greater Noida showed the largest count of new project launched in the last six months. The president of Credai (NCR) comment on the report and said that Credai would now launch its own research to create a pan-India outlook.
And he added that “The research mentioned is only going to affect the morale of investors and buyers. We have seen the report and we feel that things need to be put in the right perspective. Credai is now in the process of compiling a detailed report. We have 11,600 members, 152 city chapters in 23 state chapters. The report would help to serve as a support document not only for buyers but for the government as well. We will deliver the report in the next three months,”