New Delhi: Property prices in the National Capital Region (NCR) were largely unchanged during the first quarter (April-June) of the financial year 2019-20 as compared to the previous quarter, a report by 99acres.com showed on Thursday.
The report titled “99acres Insite Report” said that the realty landscape in Noida and Greater Noida remained largely stable in April-June 2019.
Commenting on the report, Maneesh Upadhyaya, Chief Business Officer, 99acres.com, said: “Average weighted prices of residential apartments in Delhi-NCR remained unaltered, QoQ, whereas rental ‘asks’ surged by 3 per cent in April-June 2019 vs April-June 2018.”
Ask price represents the minimum price that a seller is willing to receive. A trade or transaction occurs after the buyer and seller agree on a price.
“The current unsold inventory in the city stands at around 1.80 lakh units with the Noida and Greater Noida belt claiming the maximum share. Dwarka Expressway, Sohna Road, New Gurgaon and Noida-Greater Noida Expressway remained the cynosures of real estate activities, reporting the maximum number of new launches and housing sales,” Upadhyaya said.
The progress in the construction of Dwarka Expressway and Jewar Airport would determine the future course of events for Delhi-NCR’s realty sector, he added.
Among the major cities in the country, only Hyderabad and Bengaluru registered marginal growth in prices, as per the report.
“The price growth in Hyderabad and Bengaluru was restricted to a marginal 1 per cent in April-June 2019 against the January-March 2019 quarter. While sales momentum continued from the previous quarter, the Lok Sabha elections and the ambiguities pertaining to the revised Goods and Services Tax (GST) kept home prices under check,” said the report.
It observed that all metro cities reported a robust rental market with Hyderabad and Pune leading all cities with a 4 per cent hike in rental asking rates on a year-on-year basis.
–IANS
