Real estate demand revitalizes

Real estate
The global economic slowdown has provided end users a unique opportunity to buy their sweet homes as prices in many areas in National Capital Region have fallen steeply. Apartments are now available in some markets at almost 50 percent of the prevailing price a couple of years ago. The average price in Gurgaon has fallen by almost thirty percent and in Noida by more than fifteen percent in last two year.
According to PropEquity, Noida and Faridabad demonstrated high absorption primarily due to launch of affordable housing projects. The projects of Jaypee in Noida and BPTP in Faridabad were primarily driving the high absorption values in these cities with these developers commanding more than seventy percent of the market share for the period of Jan-Jun ’09. Noida maintained its top position in NCR with the launch of 7,032 units, and beats Gurgaon by a large margin of over 2,300 units.
However, the slowdown had its effect on the timely delivery of apartments. Unavailability of finances and lack of demand have forced developers to go slow in implementing projects, which were launched earlier. According to the report, amongst the cities witnessing the maximum number of delays in project completion, Ghaziabad and Gurgaon had 71 percent of the projects under implementation falling behind schedule.

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