Many of those who had planned to buy real estate in Gurgaon one year ago deferred their decision as they felt that home prices would continue to fall as they had since 2014 till last year. When the new government came to power in 2014, most with interest in owning flats in Gurgaon felt that prices would rise yet were surprised when prices fell over the next few months. Hence buyers who were eager to own a home deferred their decision as they felt that by waiting they would be able to own a property at a lower price in the future. Such a decision by thousands of households turned their expectation that the price of properties would continue to fall into a self-fulfilling prophecy as demand ebbed and prices fell due to lower demand for properties in Gurgaon. This vicious cycle led to lower real estate prices all across Gurgaon and in much else of the country as well.
Real Estate Prices in Gurgaon Will Remain Steady
As the price of residential projects in Gurgaon fell from 2014 to the next year consumers expected the drop in prices to continue which it has until the present day. Consumers who have planned to invest in a home expect prices to continue to fall further by the end of this year and possibly for much of next year. Market watchers, however, caution that real estate in Gurgaon has hit its bottom and claim that prices will begin to rise by next year making today the opportune time to buy a home.
As there are but two months left in this current year, and most experts believe that 2017 will lead to higher prices for affordable and luxury homes in Gurgaon there seems to be no time like the present to invest in a home in the NCR and in particular in one in Gurgaon. Even if prices don’t rise next year, they are unlikely to fall any further which makes the end of 2016 the perfect time to buy flats in Gurgaon. Many of the builders in Gurgaon are unlikely to sell units at prices lower than they are today as the price of real estate properties in Gurgaon is already 20 percent below its peak a few years ago. Thus regardless of whether it becomes more expensive to buy a home next year, this year and the next are the most opportune times to invest in a dream home in Gurgaon.
Homebuyers Must Strike While the Iron is Hot
An insider in the real estate sector believes that the real estate industry has never been better or more fruitful to invest in than it is today. Buyers who dream of owning affordable homes in Gurgaon must not delay in the expectation that prices will fall any further but rather they should buy a home sooner rather than later. Builders in Gurgaon even today have attractive discounts aimed to make owning property in Gurgaon affordable and attractive and mid segment buyers should take advantage of such bonanzas before demand for homes rises and with it the price of property in Gurgaon.