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 Gurgaon News  | Gurgaon Blogs  |  Gurgaon Article

Expecting Surge in Residential Real Estate Mart
Given the excellent report and the rapport of the newly formed government, the housing market is all set to gain some significant momentum and bring great activity in the forthcoming months, states Anshuman Magazine, chairman and managing director of CBRE South Asia Pvt Ltd.

The revival of the market is on the anvil, as anticipated by the real estate developers as well as the home buyers. There is no denial in the fact that residential real estate sector has been experiencing slump and slouch given many determining factors such as lofty interest rates, low value of rupees and slow economic pace. However, all this is going to take a U turn for favorable circumstances.

A report titled ‘India Residential View for the first half of 2014’, published by CBRE, projected that homebuyers are now focusing and preferring to situation to get better for them to buy or invest n domestic property. IT hubs like Chennai and Bangalore have been witnessing rise in housing demand for their ever growing influx of blue chip workforce.

Experts are of opinion that despite crises of low real estate momentum, fervent activity is expected in the later part of the year 2014. The indicatives are even more positive for the favorable announcements made in the Budget. The escalation is expected to go up to 10 percent.

Though residential real estate market has been lean and weak, there has been no chance of berserk over-controlling of residential prices. However, the average asking price has gone up by promising 5% since early part of the year 2013. Developers are encouragingly launching newer and costlier that would bring in better input. Furthermore, residential prices are expected to rise by another 2%. Taking into account the reclining consumer’s involvement and state of mind, developers are churning out some attractive schemes for better and promising sales.

The slump felt in the first half of the year 2014 goes to the extent of 32% in comparison to the first half in 2013. The slouch in the absorption has been in the bracket of 14 to 37% with Bengaluru experiencing the lowest and the Delhi NCR the highest.

Except residential real estate market in Chennai and Delhi NCR, the other cities of the nation may not witness a surge in the sales for the reasons of lofty unsold inventory and the slouching responses to new and fresh projects that were launched in the later months of the year 2013.

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