Mr. Rohtas Goel, Chairman of Omaxe and also president of Naredco mentioned that ”Realty prices in NCR have already fallen by 20-40%. For example: Appartments selling for Rs. 5000 per sq ft in Gurgaon now cost only Rs. 2,500 per sq ft. and in Noida, Appartments selling for Rs. 7,000 per sq ft now cost only Rs 4,500 per sq ft.” He stated that top 20 builders of India (incluing Omaxe, Parsvnath, DLF, Ambience etc), who are also members of Naredco have jointly decided to reduce the prices by anopther 10-15%.

However, when we spoke to a few property dealers in Gurgaon, we could not find any appartments selling at Rs. 2,500 per sq ft. The minimum going rate is around Rs. 3,500 per sq ft. Moreover, it was expected that the realtors would be making bigger cuts to sell their inventory, as advised by the finance minsiter.

Therefore we do not expect much impact of the price cuts announced today and advise property buyers to wait for a couple of months to get bargain deals!

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