Sales of homes in Delhi-NCR at the 7th level: Good news for home buyers

In 2017, sales of homes fell 6 percent to 37,563 units, this is the lowest level since 2010. Whereas, prices fell by 2 percent.

New Delhi: Due to reforms like 'Rara' and 'GST', new laws introduced for the real estate sector, sales of homes in Delhi-NCR have reached the lowest level of seven years. Not only this, the prices of homes have also seen a decline. Knight Frank, the consulting company, gave this information.

Homes sales 6 percent fall in 2017.
Accordingly, homes sales in 2017 fell to 6 per cent to 37,563 units, the lowest level since 2010. Whereas, prices fell by 2 percent. In Delhi-NCR, new residential projects started in 2017 and 56% declined to 11,726 units, resulting in the number of unbike homes falling by 13 percent to 166,831 units.

Knight Frank India executive officer (North) Mudassir Zaidi said, "2017 NCR has not been special for the residential market because of both the beginning and the sale of new projects due to policy reforms like GST and Rare." It is to be noted that RERA is effective from May 2017, whereas GST has been implemented in July.

Unbika stock in Delhi-NCR has come down,
he said that due to the fall in sales and new projects, the Nibica Stock (ready-made house) has come down in Delhi-NCR. It will take four years to clear the stock. Zaidi said that in the year 2017 the average BSP was falling by 2 percent.

On the other hand, in eight metro cities, the drop in the new project , on the other hand, in the study, it has been found that in the eight metro cities, 78% of the new project has declined and it has 103,570 units. When the Realty Sector was on its boom in 2010, the figure at that time was 480,424 units.

It said that the new project started in the second quarter of 2017 in the total of 40,832 units in the eight metro areas of Mumbai, Delhi-NCR, Bangalore, Pune, Chennai, Hyderabad, Kolkata and Ahmedabad while in 2016 it was 68,702 units. It saw a decline of 41 percent. The worst decline was seen in Hyderabad. In the second half of 2017, sales declined marginally to 109,159 units from 107,316 units in 2016.