The first quarter of the year 2015 displayed some interesting trends. NCR witnessed an increasing demand for 3BHK units over 2BHK units. However, what was peculiar to note was that buyers seemed unwilling to expand their budgets for a larger home.
As per the latest edition of PropIndex (Jan-Mar 2015), an India Apartment Index, the NCR has recorded the highest rise in the demand of 3BHK units. Delhi, Gurgaon, Noida and Ghaziabad recorded a rise of 3-10 per cent in the demand for these units. While the rise was the lowest in Noida, Ghaziabad recorded the highest rise of 10 per cent. Delhi and Gurgaon recorded a rise of 9 per cent each.
“Buyers are aware about the current unsold inventory in the market,” states Deepak Batra of Propworld Realty. “They know that this is probably the best time to upgrade to a larger home and also get a better bargain for the same. Developers are also launching offers that give away a 3BHK unit for the price of a 2BHK flat,” adds Batra.
Dipakk Vadehra, co-founder, Connextions Abroad has a different opinion about the Gurgaon market. “The supply in the market is largely skewed towards the 3BHK units. This has always been the case in Gurgaon. Today, whatever stock is ready or nearing possession, are all in the 3BHK category. As prices have remained stable since a long time, most buyers seem to have an inkling that this is the right time to make a purchase.”
As per surveyed data, budget preference of buyers in these cities also depicted that buyers were not keen on increasing their budgets in order to get a larger home. This indicated their affinity for negotiations under the current market scenario.
In all the cities, the mid-range properties recorded the highest demand. For instance, in Delhi the Rs 40 lakh- Rs 1 crore category recorded the highest demand of 36 per cent while the same level of demand was noted for the Rs 1-2 crore range in Gurgaon. In Noida, mid-segment properties priced at Rs 40-60 lakh recorded the highest demand while in Ghaziabad, nearly 50 per cent demand was noted for the Rs 40-70 lakh range category.
Market experts believe that towards the latter half of the year, probably around Diwali, sale is expected to pick up. This might be a good chance to upgrade to a larger unit. At least, data clearly depicts a similar thought on the behalf of buyers in NCR.