By Accommodation Times News Services
Property rates have declined in Delhi and NCR since last year. The drop recorded is almost 31% YOY since last. It has been on correction mode since 2012-13. The rates are almost half in some of the towns and likely to slip further. Project delay is common phenomena, huge litigation and cases were filed. National Consumer Redressal Forum is over loaded by cases.
Faridabad is worst hit after Merut and Laxmi Nagar in East Delhi. The rates have declined to almost 2002 level. There are no takers, not even investors. As good as 10 crore sq. ft,. ( 100 million) is under construction at various stages in total 23412 projects which were started on site. 9203 projects which are are on paper and have never started physically, facing acute pressure from buyers who have booked. Many builders in NCR are charging and hoodwinking buyers by charges which were never agreed or in grey areas of agreements.
Real Estate industry have witness bad phase and earning bad name by unfair trade practices. Although price can only be controlled through market dynamics but development process and such practices cannot be curbed. The apex association of builders CREDAI, time and again had issued Code of Conduct for its members but it remain paper tiger and there is not a single case solved by the association’s grievance cell established to solve customer’s grievances.
The confidence of customers have been recorded lowest in last two decades. Thus, price fall. It is eminent that further fall will be recorded and demand will hit badly. Oversea clients and investors too facing bad attitude and feeling the heat. At any cost, they want to get rid of their investments and come out of it.
Little hope in Delhi is inclusive growth and local demand. Some corporate also on the buying spree for their Directors. Its totally buyer’s market.