Demonetization Takes a Toll on NCR's Real Estate Market

Demonetization Takes a Toll on NCR’s Real Estate Market

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Demonetization Takes a Toll on NCR’s Real Estate Market

Magicbricks’ PropIndex for Jan-March 2017 revealed that while prices of real estate has witnessed a downward trend across the National Capital Region (NCR) due to demonetization, few areas in Delhi, Gurgaon, Noida, Greater Noida, Ghaziabad and Faridabad have started recovering in the after math of the demonetization drive. The index for new residential projects in Delhi NCR for the immediate quarter of demonetization captured price movements across 73 prominent zones in Gurgaon. These localities own high share of consumer preference as well as most traded properties. Several new real estate projects in Gurgaon have come up and the recent outcome of the same is the Newtown Square of Gurgaon.

This real estate project in Gurgaon is not just an ordinary commercial project in the NCR region but it is redefining functionality and style of the pre-existing real estates group of Gurgaon. This property in Gurgaon is offering a wide category of functions which ranges from commercial spaces, food courts, hotel spaces, cinemas and all these at a one stop destination of approved commercial project space of Newtown Square. The project is amongst one of the new commercial projects in Delhi-NCR and is the best option to choose from all the projects. The prime location of the property has helped it to remain unaffected even during the time of demonetization.

As mentioned by Mr. Sudhir Pai, the CEO of Magicbricks, the property prices in the NCR region have seen a downward trend because of the sudden outburst of demonetization. Considering the fact that in most part of NCR, realty transactions were dominated by cash transactions. The region is expected to take time to get back to its earlier high transaction level. Talking about Delhi, 78% witnessed a decline in price while the balance. While the Gurgaon region saw a marginal price increment. As the real estate has gone through a transitional phase due to demonetization with the introduction of acts like RERA, GST, a tool like PropIndex that is a key indicator to help consumers get a fair idea about the changing times, has shown a growth in the real estate projects in Gurgaon.

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