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Looking to buy a house, but can’t? Here’s why in just 6 slides

Mon May 09 2016, 2:06 pm
  • real estate india, real estate sector in india, property in delhi, property in mumbai, property in banglore, property news

    So, you are looking to buy a house for quite some time, but simply can't because it is unaffordable. Here we explain why your dream house remains exactly that, a dream. On the ground, the residential property prices may not seem to have risen significantly in the last one year, but a comparison of the same with two years ago shows that one’s dream house still remains unaffordable. (Reuters)

  • real estate india, real estate sector in india, property in delhi, property in mumbai, property in banglore, property news

    Property prices in some micro-markets of cities have risen as much as 17% in the last two years. In Yamuna Expressway area of NCR for example, the prices on the last count in December 2015 were hovering between Rs 3,295 and Rs 3,557 per square feet on super built-up basis. This is about 3% rise from December 2014, but a sharp 18% increase over 2013. (Reuters)

  • real estate india, real estate sector in india, property in delhi, property in mumbai, property in banglore, property news

    Worli, the upmarket neighbourhood of Mumbai has seen more volatile price movements in the last few years. According to data sourced from Knight Frank India Research, the prices in Worli fell by 13% in 2014, during the first half of the year and were being quoted at Rs 31,000 to Rs 50,000 per sq.ft on super built-up level. However, the prices increased slightly and the year closed with the prices in the band of Rs 31,000-Rs 55,000. The micro-market according to Knight Frank has seen a dip of 1% again in prices at the end of 2015. Also, in the last two years, Worli has seen some new projects come in the market, which has added to the supply. Indeed, in the last two years, around four-five premium projects entered Worli market from developers like Omkar Realtors, Oberoi Realty, Rahejas, Four Seasons and HBSs Realtors, which are said to have stirred the market. (Reuters)

  • real estate india, real estate sector in india, property in delhi, property in mumbai, property in banglore, property news

    Gaurav Gupta, director, Omkar Realtors says that at starting stages of the project there are bound to be discounts, but as the projects progress, he has not seen a price decline, and denies that the prices in Worli would be lower compared to 2014. “We launched our 1973 project in Worli at Rs 34,000-Rs 35,000 per sq.ft rate in 2013 end, and a year and a half back the rates had gone up to Rs 43,000 per sq.ft. Now that we are 10 months away from possession, the rates are in the range of Rs 46,000-Rs 50,000 per sq.ft,” he says. (Reuters)

  • real estate india, real estate sector in india, property in delhi, property in mumbai, property in banglore, property news

    Meanwhile, high levels of inventory seem to be impacting the prices in Delhi-National Capital Region (NCR) the most. Barring Yamuna Expressway area, the prices have either declined or not changed in most micro-markets in the last two years. This perhaps in some sense could explain the increase in sales witnessed in NCR. According to Mumbai-based research firm, Liases Foras, the sales in NCR have surged 33% in the three months of January-March 2016 on a year-on-year basis to 18.1 million square feet. (Reuters)

  • real estate india, real estate sector in india, property in delhi, property in mumbai, property in banglore, property news

    Among the three cities, Bengaluru is the only exception where prices have not seen any signs of abatement. In fact, in all micro-markets, the prices have moved only north. The prices in Sarjapur Road at Rs 4,500-Rs 7,200 per sq.ft for instance, are up a sharp 10% compared to 2014 and a good 15% since 2013. Similarly, in Yeshwanthpur prices range between Rs 6,500 and Rs 10,750 per sq.ft, which is an increase of 8% over 2014 and a sharp 17% jump over 2013. This would come as a surprise as in the last one year, property consultants have raised red flags on the rising inventory levels in Bengaluru as well. In the fourth quarter ended March, Bengaluru had 36 months of inventory remaining to be sold, data from Liases Foras shows. However, as the market is more of an end-user driven market, experts say the prices are more real and appreciate with surge in demand, unlike NCR or Mumbai, where an influx of investors can push the prices up and their flight can bring prices down. Also, compared to Mumbai or NCR, inventory levels are much lower in Bengaluru. While Mumbai Metropolitan Region continues to have 51 months of inventory, NCR has 60 months of inventory to be sold. (Reuters)

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