4.4 Lakh New Homes Sold in 7 Big Cities by Jan 2018

There is some mixed news coming up in the property market as of now. With the recent recession in the last year and unrealistically high prices set by the property brokers, as much as for as 4.4 lakh homes went unsold in almost seven metropolitan cities around the end of 2017.

The property consultant JLL did a study across all major cities and they found quite a medley of facts that the upcoming buyers can utilize to their advantage:

1. Almost all major cities like Chennai, Kolkata, Mumbai, Delhi, Pune, Bengaluru, and Hyderabad are on the list where there was a lot of unsold property still viable for the market this year.
2. There are almost 40,000 properties available which are fully furnished and can be rented immediately within a short notice as soon as the deals are done.
3. Thanks to GST, a lot of taxes were being adjusted due to which most buyers were cautious before making a move, however now with a lot of clarity, the prospective buyers may want to shift their gears and finally start purchasing the properties.
4. Thanks to RERA, there will be more transparency in buying properties and all details will be immediately notified and updated to the public. But until the time it was fully prepared, buyers were waiting to get this piece of good news.  So no more fear of shady deals.
5.  Delhi has the maximum number of unsold property (around 1 lakh) and Kolkata has the lowest (around 20,000).
6. As new property keeps coming into the market, prices will definitely fall and there will be more lowering of the total cost in order to bring up the sluggish rate of buying and growth in the market.
7. JLL also believes the current market trend is favorable for buying as many good properties will be getting with more amenities and lower and more economical prices.
8. The consultant is also extremely hopeful that many projects which are still in progress will not face a cash crunch and move ahead blissfully towards completion.
9. Demonetization put a big dent in black money markets and well, real estate, which has often been used in turning black to white had to slow down due to the sudden financial crunch.
10. JLL also believes that when housing becoming more affordable, there will be the great influx of people and more properties will come up, especially near not so populated areas which are slowly developing into the prime centers of connectivity.

So, what do you think should be your ultimate choice? Are you finally ready to buy or rent the property? Because this seems to be the absolute peak of time to make that wise decision. The real estate market is finally picking up and the country is increasing its rate of growth slowly too.  It's always best to get a good consultant on these matters so that you don't make any hasty decisions that may lead to problems. After all, prevention is better than cure!