Now Is The Time To Invest In NCR Real Estate

The findings of the annual report for the financial year 2015-16 (FY16) of PropTiger DataLabs on property market trends in India's top nine cities showed things were not right with real estate in the national capital region (NCR). The nine cities analysed in the report include Ahmedabad, Bengaluru, Chennai, Gurgaon (including Bhiwadi, Dharuhera and Sohna), Hyderabad, Kolkata, Mumbai (including Navi Mumbai and Thane), Noida (including Greater Noida and Yamuna Expressway) and Pune.

Sample this:

• At 68 per cent, new launches in Noida registered the greatest fall year-on-year (YoY). In Gurgaon, this fall stood at 58 per cent. At 64 per cent, the NCR saw the biggest YoY fall in launches. In Hyderabad, on the other hand, new launches fell only 11 per cent YoY.

• When compared to other markets, sales, too saw major dip. While Gurgaon saw sales figures go down 50 per cent, Noida 51 per cent. Overall, the NCR registered a fall of 51 per cent. Pune contained the fall at 21 per cent.

• Noida also contributed 16 per cent to the overall inventory pile in FY16. With an inventory overhang of 80 and 70 months, respectively, Gurgaon and Noida also were top of the heap among markets that have prime properties lying vacant and not finding any takers. At 24 months, Pune had the slimmest inventory overhang.

• Under the cities that may shine bright in future, the region or any of the cities it covers did not find a place. Property markets of Ahmedabad and Kolkata that have yet to catch up a lot were taken as brighter spots.

But, let these figures not discourage you. On the contrary, it is this state of affairs that should be the reason why you must invest in property in NCR.

• The analysis noted that new launches took a hit because developers focused on completing their under-construction projects in NCR.

• The dip in sales was also responsible for developers launching attractive schemes to make property in NCR more attractive.

• An inventory means you as a buyer will be in a better position to bargain of the property you chose to invest now.

• The NCR may have witnessed a saturation as a property market. But, the benefits of having a property here cannot be undermined by giving any logic. You, after all, have a place of your own in India's capital or near it.

However, these are not the only reason why you must invest here.

• According to a Delhi High Court ruling, buyers will not have to pay service tax on under-construction properties in the NCR. This is a move that should bring cheers to many.

• Circle rates in Gurgaon were slashed across categories by 15 per cent. This would bring down property prices in the city, making it far more affordable to buy property in Gurgaon.

• Authorities in Noida and Gurgaon are putting in place several measure to simplify the home-buying process. You could avail of most of the service online these days.

• Once the Real Estate (Regulation and Development) Act, 2016, comes into force and the sector is back on its feet, property prices in NCR are expected to see an uptrend.