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Buying a property is perhaps the biggest investment for salary earners, so buyers must undertake detailed planning before committing themselves to this long-term investment. However, for those looking to buy a house in Delhi or the National Capital Region (comprising Noida, Greater Noida, Gurgaon and Ghaziabad), a good deal might be around the corner.
Property prices in some pockets in Delhi and the NCR have fallen by over 20 per cent year-on-year, according to the National Housing Bank's Residex index, which tracks residential property prices across 26 cities in the country. In fact, Delhi is the only metro, where prices have dropped in the March quarter.
Property prices have fallen because a combination of sluggish economic growth, high inflation and high interest rates have impacted consumer spending. Developers are saddled with high debt and inventory levels forcing them to cut prices in some markets.
In Delhi, prices have dropped most in suburbs such as Dwarka and Mayur Vihar, where buyers can get two-BHK (bedroom, hall, kitchen) apartments starting Rs. 65 lakh. Such apartments in NCR will cost much less depending on the stage of construction and location.
The sharp correction in property prices is not the only reason to go for a purchase in the near term. Here are some other aspects that one should consider before committing massive resources towards buying a property,
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