For a number of city dwellers, being the owner of a home remains a remote dream. Exorbitant property prices force them to reside in rented houses as an alternative. But now numerous happenings and developments have been taking shape, which could in a little while turn their dream into certainty.
The government’s demonetization move had a cooling impact on some pockets of the property market in India. The experts in the industry predicted that the housing market would go through a lull during the next few months when the recent developments would take their toll. Homebuyers will find property prices coming down and this will offer them an opportunity to make their move say experts at property.sulekha.com.
Cities that boast a stable economy, as well as multiple opportunities for employment, will be the top options for homebuyers in the reasonably priced segment. Cities such as Mumbai, Bangalore, Pune and Hyderabad are expected to see constant demand for reasonably priced housing projects at some point.
The office market of Hyderabad has been in transition and the owners of properties forcefully augmented rents because the availability of office space reduced with the enormous growth of IT occupiers. Demand should be complemented by supply in the short term.
For homebuyers, this might be a good opportunity to find a deal, particularly ready to move-in projects, since property prices are expected to experience a sliding pressure and some sellers might show extra willingness to negotiate and reduce the property prices. As a result owning properties in Hyderabad will be far more trouble free.
Demonetization may really be a boon for the buyers who have been searching for luxury or high-end properties. This segment will be highly impacted in terms of pricing. In the segment of luxury housing, normally the cash component is very large as a number of buyers press for using cash. But due to the government crackdown, this segment will witness a dip in sales, heading to cuts in price.
Earlier, developers were more interested in providing solutions in the premium segments as they were hopeful of high demand in this space. But now there has been an obvious change in demand from large ticket purchases, typically conducted by investors, to purchases done by end-users who at present comprise about 90% of would-be homebuyers. Therefore, builders are more and more moving their concentration to the segment of the affordable housing. Prices have come down in the majority of the cities and developers have brought in incentives and schemes making deals more rewarding.