The changing trends in real estate
The surging interest rates, liquidity stringency in the banking system and gradual retardation of economy have badly affected the real estate sector. As the demand for residential real estate has decelerated, its prices across the markets in India have started showing a declining trend. The experts foresee its consequence as an increase in the sales of residential real estate.
The REAL Trends Housing Market Report for October 2013 declares that the rate of housing sales have strongly exalted in September 2013 growing to 20.9 percent from September 2012 which is a perpetuation of the powerful increase in housing sales that initiated in October 2011. The annual rate of new and existing home sales for September 2013 was 6.228 million up from 5.153 million recorded in September 2012 but down slightly from the rate in August 2013. The average price of homes sold increased by 5.5 percent in September 2013 compared to September 2012. Sanjay Dutt, joint MD at Cushman and Wakefield, a property consultancy, said that the falling in in prices won’t suffice to attract a good range of buyers in long run. But, the good thing is that a beginning has happened.
Housing unit sales for September 2013 increased upto 24.4 percent in the Midwest, the highest showing in the country. The next highest region was in the South region at 23.3 percent, the Northeast region was up 21.5 percent and the West was up 14.2 percent.
The average price of homes sold in September 2013 increased 5.5 percent across the country which is a slight slow down from the results in August 2013. The West had the best results with the average price of homes sold increasing 10.2 percent followed by the South region at 7.3 percent and the Midwest at 7.0 percent. The Northeast region saw prices move downward by 0.3 percent.
“September 2013 sales of new and existing homes were surprisingly strong, especially in view of the rise of mortgage rates over the past few months,” said Steve Murray, editor of the REAL Trends Housing Market Report. “Historically when a recovery starts to drive rates up buyers increase their buying activity to beat the rise in rates and we saw that in the July 2013 results. September results showed a small decrease in the annualized rate of homes sales from the prior month which was also expected. Inventories continue to constrain sales as well and although homes available for sale have increased they remain below historical levels of balanced housing markets.”
Saviour Group, incorporated in 18 December, 2006 have been leaving its mark in the real estate firmament through its lavish constructions. Being placed in the capital of the country it has been equally active in the NCR region. Saviour builders have lately launched their new project Greenarch . The project is a joint venture by Saviour Builders Pvt Ltd. and New Way Homes Pvt Ltd. Greater Noida is a fast-growing region and is connected to Agra by the six-lane Yamuna Expressway especially when it comes to absorption or sale of residential units and project launches. Over the past 5 Years, it’s become one of the prestigious locations for investors.