Rs 5 crore budget may not guarantee luxury housing in NCR, prices scale new highs
Delhi-NCR's red-hot real estate market, even a ₹5 crore budget may not guarantee a home in a brand-new project of a reputed developer in a prime locality.
With homes priced at ₹6 crore and above getting sold out within hours of launch, developers are not keen on launching smaller sized apartments, forcing end users to wait for the current uptick in the market to stabilise. The trend is also worrying industry experts as it is giving rise to speculative buying which might eventually cause a bubble in the property market.
«In the last 18 months, prices have almost doubled in the majority of the micro-markets in NCR and developers are also not launching smaller sized apartments. Both the factors have taken away the opportunity for middle class buyers to own a home in the current situation. While the per sq ft prices may not come down, developers may have to reduce size to offer something in below ₹5 crore category,» said an industry expert.
DLF has sold apartments worth ₹20,000 crore across three projects in the last 18 months with all getting sold out within 72 hours of launch. The company insists that most of its buyers are non-resident Indians and end users who tend to hold inventory for a longer period unlike speculative buyers.
Godrej Properties garnered more than ₹2,000 crore each during launch-day sales of four projects, including three in NCR. Others who reported selling out their inventory within an hour of launch include Max Estates and Signature Global.
«We believe prices will stabilise now and won't go
