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This can be a good time to buy luxury flats in Noida

Looking to buy an apartment in NCR? This could be a really good time. Real estate experts say that prices could rapidly undergo a correction in the luxury and secondary, or re-sale market of apartments in the short- and mid-term.

The analysis has been released by Gurgaon-based real estate experts, Colliers International, India, in a flash report on the immediate impact of the demonetisation of 500-rupee and 1,000-rupee notes on the real estate market.

The report says that in the short term to midterm, from 3 to 12 months, the real estate prices could fall further as interest rates could begin to drop. Amit Oberoi, National Director, Knowledge Systems, Colliers International, says, “We expect a fall in inflation rates in the next three to 12 months. The effective price of real estate to the buyers should thus come down, but not enough to trigger massive sales owing to uncertainty in the markets. We expect some properties to be available in the secondary market at a further discount because of the financial stress.”

Surabhi Arora, Senior Associate Director, Research, Colliers, said “It will be a great time to invest in real estate from the perspective of an institutional investor as valuations will be attractive. We believe the long-term fundamentals of the Indian real estate market will remain strong. There will be a negative impact on investment sales market as retail investor money will largely diminish.”

Builders’ groups have reiterated that the demonetisation is going to prove healthy for the real estate market in the long term. “Most big-ticket builders now completely operate in white and via bank instruments, so the primary market is not affected by the demonetisation. There are short-term issues, but we are looking at long-term gains for the industry,” Manoj Gaur, President, CREDAI NCR, said.

Source: TOI

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