New Delhi: Various reforms introduced by the government like Demonetization, RERA and GST has made the real estate market in Delhi NCR passive and the property prices have been knocked down 3 percent in the last three years, according to ANAROCK property consultants.
The average price in third quarter (Q3) of 2019 touched Rs 5,065/sq ft in Delhi NCR.
As far as the micro-market of Noida Expressway is concerned, the demand for houses was going up every year until demonetization happened. RERA and GST implementation in 2017 has made the development activity in this market becoming slow.
In this micro-market, 13,030 houses have been launched on the Noida Expressway Since 2013 till now but only 600 units have been added in the last two years.
“Around 600 units were launched in the last 2 years, as developers were either busy completing their previously launched projects or trying to clear their unsold stock.
The builders here are also plagued with a lot of litigations issues.
About 3,900 houses are lying unsold along the Noida Expressway. Around 89 percent of these 3,900 units are at different stages of completion.
About 2,000 homes will be completed and delivered in the next one year. A whopping 8,270 units will take more than one year to be constructed and delivered, meaning thereby that execution needs to pick up pace in this important real estate micro market of Delhi NCR.
The maximum new supply here came in 2013 when 5,010 units were launched and in 2014 when 4,070 units were launched.