Property Rates In Delhi May Increase Over The Period Of Time
Property rates in over 1700 colonies of Delhi is likely to increase up by 25% in which the center has decided to regularize.
Real Estate agents said that middle class family who does not afford to buy a home in Delhi, will be able to buy home with the increasing rate of property.
Confederation of Real Estate Developers’ Association of India (CREDAI) stated that the move to regularize these 1700 colonies will reduce the demand for the property in Delhi which will surely increase the resale in the market and thus can lead to price correction with increase in supply, with the existence of regularized colonies.
As stated by the official of CREDAI NCR “the middle class people who could not afford to buy a house in Delhi, will be able to buy properties and can get loan on these properties. In the NCR towns, the unsold inventories may witness in less demand as people would like to stay in capital region Delhi.
About 18 Lakhs homes will be regularized and major of the home will be available for sale. Due to the illegal status of the colonies, the owners were not able to sell their property by which bank were not able to give loans and was lacking in the basic infrastructure.
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