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Real Estate >> News
Bangalore Realty Market Outshines Other Top Metros
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"NCR has seen a drop in home sales because work in Noida extension was stalled for many months. The Noida region was also impacted because of elections in Uttar Pradesh and there were not many new launches," said Sameer Jasuja chief executive officer at PropEquity.
This year, Mumbai Metropolitan Region (MMR) and Delhi-NCR have seen a fall of over 40 percent in home sales compared to last year. The reason behind this drop is mainly because of the hike in home loan interest rates and excessive property prices. But, Southern cities like Bangalore did not witness such slump in property sales on account of the turnaround in the IT/ITES sector.
Also, less number of project approvals in metros like Mumbai and Delhi has added to the fall in home sales. "Lack of project approvals has restricted new property supply. Additionally, margin contribution requirement from home loan seekers has gone up to 40-45 percent as loans are now being disbursed excluding stamp duty, registration and other taxes impacting sales," added Lalit Kumar Jain, president, CREDAI (Confederation of Real Estate Association of India).
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