Gurgaon - Registration + Pricing

In Gurgaon, 1,879 properties were registered in March 2009, up 19% MoM. For FY09, registration of properties declined 5%YoY to 29,012 as the base area was higher under the new Gurgaon Master Plan. Here is how Properties were registered in Gurgaon in FY07 to FY09.
Historical Property Prices in Gurgaon and Noida between 2003 and March-09.

We believe the large vacancy levels will result in significant price cuts as developers churn portfolio to meet cash flow demands. Also, the quarterly sales account for less than 10% of the vacant apartments during the quarter. In our view, there will be further price cuts to increase the absorption levels and flush out the inventory.