In the July-September quarter, the sale of homes in 8 major cities has decreased by 35 percent. Builders are not getting buyers in other cities including Gurgaon, Noida, Mumbai At the same time, there has been a reduction in the number of offers offered by the builders to the homes. During this time, the builders offered less than 83% of the homes. Research firm propequity released this report on Thursday. The report has considered responsible for the low demand in the property market for this recession.
These are those Eight Cities: According to the report, in the third quarter of 2017, 22,699 residential units were sold in 8 cities. This figure was 34,809 in the previous quarter. This figure is from Gurgaon, Noida, Mumbai, Kolkata, Pune, Hyderabad, Bengaluru and Chennai.
Due to lack of New Projects: According to PropEquity, “This situation has been created due to the shortage of new projects.” The firm has expressed the hope that demand for homes can increase in the current quarter. The report said that the new homes offer decreased 83 percent to 4,313 units during July-September period. This was 24,900 units in the previous quarter.
GST Effect: According to the report, GST is somewhat responsible for reducing demand of houses. It has been said in the report that the Real Estate Authority of India (RERA) was busy in the better implementation of GST. Now that this work has been done, the authorities will help to increase the demand for homes and fulfill its supply.
Help from Festive Season: The demand for homes in this quarter is expected to grow rapidly. The special offers offered by the builders can help. Builders also hope that their sales will increase in this festive season. Many builders are giving buyers the benefit of implementing the GST. This leads to buyers getting huge discounts on home buying.
Many offers including Modular Kitchen: Other cities, builders including Noida, Gurgaon, do not leave any chance to entice this festive season home buyers. Builders are constantly coming up with new offers Some modular kitchens are offering free parking spaces, while some have also offered to not take maintenance charge for many years.
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