Right Time to Buy Home in Delhi-NCR

Bangalore: The regulator of housing finance companies, National Housing Bank (NHB) hopes that the real estate prices may dip in some cities including Delhi-NCR region in 2013. However, the housing sector is likely to observe a growth of 20 percent in the current financial year compared to 17 percent same period last year.

"There has been softening of prices in the housing market in some cities including NCR region. This trend may continue for some time," said R V Verma, NHB Chairman and Managing Director, after releasing Report on Trend and Progress of Housing in India for 2012.

Delhi-NCR is expected to witness further price correction due to the over-supply of residential units, said Verma. Though the region will see correction in prices, it is hard to estimate the actual correction of prices this year.

At the end of March 2012, the housing loan market was about rs.6.61 lakh crore, out of which, about 2.60 lakh crore alone contributed by housing finance companies, according to NHB.

"Demand drivers include the growing middle class, income levels of the people, cyclical conditions, urbanization," added Verma.

The demand for housing will also increase due to RBI’s recent monetary action.

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