The real estate in Gurgaon in India is a difficult proposition at the best times; however, things have got worse after the announcement of the demonetization policy. The year 2016 has not been very exciting for the residential real estate in Gurgaon. The sales volume crashed and nearly half of the constructed buildings remained unsold. The number of new units was very less and the numbers were less than 1/3 of what was observed in 2015.
The prices of the property were very stable during the entire phase and good discounts and incentives were given by the promoters. However, the speculators did not fail to play their part and constantly fuelled the market with their tips. The demand of the property in Gurgaon still remained sluggish. The majority of the buyers were the end-users who were seeking to move to the ready or nearly ready to move properties. The home buyers today are very aware and give greater importance to both brand name and quality. They are keeping their eyes open for the infrastructural upgrades that are promised by the builders.
After the announcement of the demonetization policy realestate in Gurgaon like the rest of the country, is struggling with new set of rules. So, how can we combat the black component in our economy? Is this step by the government will totally take out the black money out the economy or it will be still present in the form of the new pink currency? Well, all these questions will be answered in the future only and now what is bringing smile on the face of the home buyers is that the prices of the properties are expected to fall by 20% to 30%. Hence, many are keenly observing the market. On the other hand, the property sellers have a different view.
They are strongly resisting the drop in the home prices and expecting that there will be fall in the interest rates of the home loan. There ia s huge expectation from the Government as the home sellers expect that they would come up with a populist budget which would include lower income tax rates and increase in the tax-free slab.
Currently, the market pertaining to property in Gurgaon is undergoing through a phase of discovery and is stagnant. At this juncture one cannot discount that there would be fall in the prices and that there will be marginal corrections.