New Delhi: The prices of under construction houses across all micro-markets in Delhi NCR are showing a decreasing trend, according to the data compiled by National Housing Bank (NHB).
The prices of under construction flats in Noida, one of the most important sub-markets in Delhi NCR, have come down to Rs 8,097 per square feet in last quarter of 2018-19 fiscal (Jan-march quarter of 2019) from Rs 8,282 per square feet in the immediately preceding quarter. Data for last quarter of 2018-19 fiscal is the latest that NHB has. Prices of under construction houses in Noida in the last quarter of 2018-19 fiscal are almost equal to the prices prevailing in October-December quarter of 2017.
Similar trend is visible in Gurugram where the prices of under construction apartments have fallen to Rs 8,759 per square feet in the last quarter of 2018-19 fiscal as against Rs 8,570 per square feet in the immediately preceding quarter.
Prices of under construction homes in Gurugram in the last quarter of 2018-19 fiscal are largely the same prevailing in April-June quarter of 2018.
Delhi also has same trend. The prices of under construction flats in Delhi stood at Rs 9,365 per square feet in the last quarter of 2018-19 fiscal. The same was Rs 9,556 per square feet in the immediately prior three month period. Prices of under construction houses in Delhi in the last quarter of 2018-19 fiscal are almost equal to the prices prevailing in October-December quarter of 2017.
If this trend continues in the coming quarters, it would certainly not be good news for the real estate industry which is already reeling under the burden of tepid sales, huge unsold inventory of homes and liquidity crunch.
Apartment sales dropped 18 percent in the July-September quarter of 2019 as compared to the same period of 2018 in the top seven cities of the country, according to a report by Anarock Property Consultants.