Indian property market to take turnaround after general elections

Buying a house still remains a distant dream for thousands of buyers. On the other hand, the continuous slump in the housing sector has resulted in a severe blow to the property developers. However, once the general elections are over, things might turnaround.

 Talking to Reema Sharma of Zee Media Corp, Ms. E Jayashree Kurup, Content and Research Head Magicbricks.com shared her views on the current trend in housing project.

 What is the current scenario of the housing market (Delhi/NCR)?

 The delay in projects has pushed demand for ready-to-move-in projects significantly, primarily due to the increasing pressure of EMI plus rental values. Resale projects have become significantly more affordable. Because of slow transaction rates, the property purchased from the broker and the market is cheaper than the same property purchased from developers. There is an active search indicating intense interest among buyers. As soon as sentiments change, probably after the upcoming general elections in 2014, buyers will be ready with information and there may be a quick turnaround of sales.

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