DELHI/NCR, India -- For many dreaming for a house means strict financial discipline, as the duration of loan payment ranges from 10 to 20 years. Various foreign & domestic agencies, assumes India’s GDP to rise from 4.25% to 4.7% in near future. But they also knew that the economic slowdown will continue in the remaining part of the year too. This could have a direct impact on the demand in housing sectors and other segments.
Is it the right time to buy a house?
According to some experts, this situation could be the right time to buy a property. There are no sales happening in eth market, the developer is putting more efforts to push up the sales, which could help you. The prices are low, as there are not much buyers in the market.
The National Housing Bank index which tracks the movement of prices of properties in major cities, have shown a negative shade during the first and second quarter of the year. The NHB re-sidex assists the property buyers in decision making based on emerging trends across the country.
For instance, Ludhiana showed 5.99% fall, followed by Hyderabad with 4.55% fall. Among big cities Kolkata seen prices going down by 4%, Delhi by 2% and Mumbai by 0.5% while Nagpur seen an increase in prices by 3.07%, followed by Lucknow 2.19% and Surat by 1.45%.
Growing middle class, income levels and urbanization are some of the key causes for housing groups to grow. But insufficient land, finance at good rate of interest, legal proceedings, and the government norms are some main factor that come into play on the lower supply of the homes. The mortgage and housing finance market in India is growing despite the slowdown observed in the micro and macro markets.
The demand for home loans is more specially the sub-40 lakh loans confirmed by a Bank employee. But the repayment is the main issue. Many try to pay the loans, as they are attached to their homes. Many think it will have a bad impact on their credit note in case they default on loan repayment. These days People take home loans very prestigious, and very few properties go under the hammer for recovery.
A report stated that the demand for office spaces across the top cities is expected to be 132 million sq. ft. of which 45% of the spaces are under construction and expected to be complete by 2015 end. The office absorption has seen a decline in recent days mainly due to the slowdown, which made companies to re-think about their leasing requirements.
With economy expected to be more stable post General Polls, the absorption of office space will pick pace in major cities. If the trend continues the gap between fresh demand and supply is expected to rise as supply will fall more on account of economic, regulatory and political circumstances.
Author Bio
Amit Aadarsh is a content manager in an Propertywala.com, Indian Real Estate Advertising Company, having over 5 years of experience in content writing, development and content marketing strategies. Read more of his articles on http://info.propertywala.com/blog/ or visit http://www.propertywala.com to buy/sale your dream property today.
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