Gurgaon: Buyers wait for property prices to crash further
Welcome To CitySpidey


Gurgaon: Buyers wait for property prices to crash further

With demonetisation hitting the realty sector hard, realtors are staring at big losses, as home prices are expected to witness a 50 per cent dip over the next six months.

Gurgaon: Buyers wait for property prices to crash further

Demonetisation has most certainly taken its toll on the realty sector, and Gurgaon is no exception. Local property dealers claim that within a month of the currency ban, property prices have plummeted by 25 to 30 per cent. And even then, there are no buyers!

According to realtors, prior to demonetisation, they would have a regular flow of prospective buyers during weekdays, and particularly weekends, but now the buyers have simply disappeared. “It is a big setback for those who have invested in the short term, as they can't sell the property now,” said Ram Kumar Yadav, a property dealer in Sector 46.

He added, “The general perception is that with a BJP government at the Centre, property prices will go down further. The real impact of demonetisation in Delhi-NCR will be clear from March next year."

According to Narendra Singh, a property dealer in DLF Phase 2, a dip of nearly 35 per cent in property registration has been observed in the past month. “Property dealers have been hit hard by demonetisation. A lot of people in Gurgaon are property dealers, so it's a worrying scenario. There are no buyers in the market, and nearly 40 per cent of the deals have been cancelled, while the rest have been put on hold till cash flow normalises,”  he said.

Singh  added, “Prospective buyers are cancelling deals and demanding their token money back, while dealers have already invested the sum in other properties. Buyers are seemingly waiting for prices to fall even lower — we are expecting a 50 per cent dip in the next six months.”

Some buyers have even been approaching property dealers with the demonetised currency.