Millennium Post

Ggn sees 70% fall in rate of resale properties

Gurugram: The biggest impact of demonetisation has been felt by the real estate sector of Gurugram. Considered as a back bone of the economy, the valuations of the properties have hit rock bottom. Even as the sector had slowed down prior to the scrapping of high value notes, after November 8, 2016 the situation have only worsened.

According to the data, fall in valuations have resulted in decrease in valuation of resale properties by as much as 70 percent that is resulting in most of the seller not wanting to sell. Scenario of new properties also does not seem to be that good with prices down to 30 percent. Moreover, the shortage of labourers has resulted in most of the projects in the city not being completed on time.
Real estate experts in the city claim that even though the measures like GST and demonetisation may have long term benefits, on short term basis the buyers and the sellers have been impacted adversely. Amid the gloom the silver lining has been the reasonable healthy sales in commercial and office spaces.
"Earlier the property in Gurugram was being sole much higher than the circle rates and surely there was high amount of cash component that was involved. Post demonetisation, many do not want to sell the property beyond the circle rates that had led to the fall in prices. Today a resale property of Rs 8 crores have reduced to Rs 6 crores," said one of the real estate dealers in the city who requested for anonymity.

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