Property Market News

Housing sales fell marginally by 4 percent during April-June period at 53,352 units in the nine major cities of the country due to demand slowdown in the property market, according to a report by PropTiger.Com.

Property market, long considered a black money safe haven, seems to have taken a big hit from demonetisation, with developers seeing their sales drop by about 50 percent in the last three months and now pinning their hopes on buyers coming to market with 'white money'.

Realty firm Tata Housing has sold 50 housing units in Goa in three days for about Rs 40 crore, bucking the overall sluggish trend in property market.

Unorganised builders and secondary (resale) property market would be adversely impacted following the government's decision to demonetise Rs 1,000 and Rs 500 notes with effect from midnight, according to real estate developers and consultants.

Online sale would showcase residential properties across 96 projects by 64 developers in 15 cities.

Realty firm Unitech's sales bookings remained flat at Rs 524 crore in the first six months of this financial year due to demand slowdwon in the property market.

RBI said that banks can now provide loans up to 90 percent for properties that cost Rs 30 lakh or below.

The three-day show will witness three regional pavilions alongside a special CREDAI Maharashtra pavilion with properties from Pune, Nashik, Nagpur and other cities of Maharashtra.

Shares of Unitech nosedived 51.63 percent to Rs 6.50 its 52-week low at the BSE.

PropTiger's parent firm, Elara Technologies said it has entered into a transaction with Makaan.Com Pvt Ltd, owner of the site.

"The property development sector (will) be a key beneficiary of reductions in housing loan interest rates by several domestic banks in April 2015," the agency said.

Housing prices in many prime colonies of the national capital have declined by up to 20 percent since 2013 but the rates were stable in Gurgaon and Noida, according to property consultant JLL India.

Wave City Center on Sunday organised an Investors Forum to boost investor confidence in the real estate sector.

Increase in circle rates by up to 20 percent in the national capital could further dampen investor sentiment and affect housing market, according to global property consultants.

Launches of new homes in NCR fell by nearly 43 percent at 35,500 units during January-June 2014.