New Delhi reports:
According to the reports, most of the top rated properties between 3-4 cr or more than that rates, have been able to sell 45% only which were launched in the last 3 years.Hence, as low returns are received so investors are disinclined to invest money in such highly rated properties.
Reports about luxury properties:
As per the reports, luxury properties around 5,926 have been sold this year till december and January month, out of the number of 13,290 properties that are launched by developers across main 9 cities during past 3 years that is from 2017-2019.
According to the survey the city names are Chennai, Hyderabad, Mumbai including Navi Mumbai and Thane, Ahmedabad, Pune,etc.
The data mentions that a number of 1,130 units were launched with cost more than Rs 6-7cr & only 554 have been sold. In addition 3,655 units were launched at cost between Rs 5-8 cr,and only 1,630 properties have been sold up to now. In the cost range between Rs 3-6 cr, up to 8,500 units were launched and among them only 3,740 properties got sold.
According to 3Brick.com team, Due to present slow demand in India, real estate is facing an extensive burden. It has also affected the residential real estate part across the board, including the premium properties sector too.
Luxury homes sales went down after demonetisation, and that sale ratio has remained nearly the same since then, the team added.
This current situation of Covid-19 is gonna affect the demand additionally across the residential real estate part including luxury properties
Even so, if the decrease in the value of the Indian rupee continues then most of the NRI customers may buy luxury properties as well.
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