Delhi NCR Realty Market once upon a time flooded with Speculators Money from the Corrupt Congress Government Politicians and their Coterie of IAS Officers is the Worst hit Real Estate market in India as the present Government has Zero Tolerance for Corruption. 80% of apartments in NCR is 3BHK and the average size of unit is almost 1400 sq ft+, so getting a sub 1Core property is impossible.
Worst hit market in India with prices are down by 30 to 50% in select cases. Secondary market is comparatively doing fine with some deals happening. This market is known to have lot of speculative investments from investors and NRI’s in last couple of years. The average time to complete a project here is 7 years and market is so illiquid that it takes around 1.5 to 2 years to sell the property.
Noida market is even worse as compared to Gurgaon with lot of inventories building up .The same is the case in tier 2 and tier 3 cities such as Kanpur, Patiala, Lucknow, Amritsar etc with no deals happening despite price cuts of 20-30%.
All small time developers are just trying to get hold on some funds so that they can restart the halted projects and liquidate the inventory. It is the only market where there is an explicit price cut due to loss of trust factor in developers because of developers like DLF diverting funds to build land banks than developing a project. This has lead to over delaying of project, denting consumers’ confidence.
In primary residential market, the situation is so bad that no deals have happened in last 1.5 years. Lot of small time developers are in such cash crunch condition that they were not paying contractor for last 1-2 years resulting into contractors have stopped working and abandoned sites. So lots of uncompleted projects can be seen in this region.
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