The real estate market across all over the country is facing downturn in recent times. The condition is same in all big and small cities. The situation in Gurgaon is also not so good. The weak economy has affected the demands of the residential units. Gurgaon has been an investor’s market for the past years but recently the scenario has changed. The slowdown of both Indian and international economy has turned it into the buyers’ market. However, this is the opportunity for the buyers who want to have a good flat in affordable price range.
In recent times the new investors are also staying away from the market. The current view of real estate in Gurgaon is favourable for the buyers rather than investors. In this state, buyers can also bargain to get more attractive discounts. So, if you are among the buyers then do not miss the opportunity or even hesitate to buy a residential property and if you are an investor then you must know the slowdown will not remain constant. Besides, it can be the best time to invest, as the market is expected to rise steadily from the end of the year.
The approximate value of reduction due to the slowdown is estimated to be 28% as compared to the last year. This drastic slowdown has compelled the investors to release their holdings to the others with discounts. The reason behind the slowdown is believed to be caused due to weak economy and inflationary pressure. There is also another issue behind the slow down and that is the large number of projects which are launched in the recent times and which is diluting the heavy demands in the field of real estate. Besides, many experts predict that much people are interested in luxurious housing rather than a simple flat and hence luxury is getting more attention and most of the real estate giants are launching luxury projects only.
The odd thing is the demand and supply of such luxurious projects is not well balanced, it is seems to have high demand and low supply, says experts at property.sulekha.com. That is attracting the builders to go for such projects which lead to the downturn situation. The underlying thing is people want luxurious flats due to the property requirements as well as the changing lifestyles of the current generation of India.