It’s a hard time for the real estate sector with falling prices and stagnant sales. But, while investors are wary, home-buyers may soon have a reason to smile.
'Dreaming spires’. That phrase conjured up the genteel aspirations of an older, outbound elite. But think of those desi baroque skyscrapers on the edge of town, and you know the metaphor lives happily in the 21st- century Indian metropolitan suburb. Our cities have changed beyond recognition—the last two decades have seen a feeding frenzy of construction, a permanent flux in the landscape. As urban spaces tried to cope with everyone’s idea of a ‘dream house’, the concrete mixers never stopped churning. Till now, that is.
Look at Noida Extension. It was touted to be one of NCR’s (national capital region’s) most popular areas for housing development. But what you see today is realty’s equivalent of a post-curfew scenario: an uneasy calm. Many apartments are unfinished, construction activity has almost ground to a halt, and there are no signs of the builders trying to sell their pieces of copy-paste architecture.
Whether you like the endless towers coming up everywhere or not, real estate is one of the most prominent pointers of a country’s growth and, along with gold, one of the major avenues of investment for people. But the boom of the noughties is clearly behind us. In the last two and a half years, India’s real estate market has hit a trough. Post- demonetisation, sales have slumped more, despite a further 20-25 per cent fall in prices of ready-to-move-in and resale property, particularly in NCR . On an average, prices since 2015 have fallen 3040 per cent in most parts of the country due to trust deficit among investors. They are now unwilling to put their money in this once lucrative sector, which is equivalent to betting against future growth.
Diese Geschichte stammt aus der July 10, 2017-Ausgabe von Outlook.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent ? Anmelden
Diese Geschichte stammt aus der July 10, 2017-Ausgabe von Outlook.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent? Anmelden
Dera, Drugs And Despair
Punjab poll pitch is seeing interesting twists and turns this election season
Allure Of Hatefulness Beyond Hate Speech
Polarisation between the Hindus and the Muslims is an unappetising reality, an ugliness that will not go away even after the votes get counted
Shine Off Sonar Bangla
Since the ant displacement movements against the Left Front government in 2006-08, Bengal has seen increased corruption, communalisation of politics and the rise of welfarism
Carnatic Cauldron
For the BJP-led NDA, 400 paar will remain a dream if the South Indian states choose to look the other way
The Young & the Restless
A new crop of young Dalit leaders shine in Uttar Pradesh's political Armament
In The Name Of Ram
For the people of Hazaribagh, famous for its Ram Navamii, life is a tussle between peace, processions and politics
Shell Company?
The power play between the BJP and the BJD in Odisha appears to be an electoral gimmick. Post elections, they may have each other's back
Peak Season in the Pir Panjal
Politicians excel at stirring up emotions at election time, and Kashmiris are torn between responding with cries or slogans
Seeds of Betrayal
Forget about doubling their income, Haryana's farmers are living a life in penury
Capital Contest
Could an alliance of former foes prevent a hat-trick for the BJP in Delhi?