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Gurugram realty sees a revival after 5 years

Infra News - Published on Tue, 25 Jun 2019

India Today reported that bucking the trend in urban centres around the country, real estate in Gurugram is leading a revival of investor sentiment in the National Capital Region. One of the biggest reasons for this buoyancy, breaking a five-year dry spell, is strict implementation of the law. The revival of confidence among buyers could lead to prices of residential and commercial properties in Gurugram increasing by as much as 10% to 20%.

Dr KK Khandelwal, chairman of the Haryana Real Estate Regulatory Authority, said that "In the beginning of 2014, the real estate market in the National Capital Region was witnessing a downward trend owing to multiple reasons - including a slowdown in the economy and lack of buyers' faith in builders. This continued till 2018."

The market in Gurugram is now witnessing the positive effects of the implementation of Real Estate Act, 2016. In the last two months, construction of 20,000 new flats has started in the Millennium City, bringing in investments of INR 3 lakh crore into the real estate business.

Dr Khandelwal said that "Earlier, developers used to take investors' money and divert it to other projects. Such practices were widely prevalent before 2014. Now, as many as 2.45 lakh properties in Gurugram are under the HRERA's scanner since these projects are either not completed or stuck for long. Many more buyers are coming with us to force builders to complete projects, instead of wanting to get their money refunded. The laws of RERA have put builders in a position in which they cannot afford to delay their projects."

Source :

Posted By : Ratan Singh on Tue, 25 Jun 2019
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