Secondary property market showing signs of recovery
Brokers have started shifting towards secondary market as many are reluctant to buy new properties
May 05, 2015
Source : Business Standard

 

New Delhi: Sales in the secondary property market are slowly picking up. Many developers and brokers have started buying property in anticipation of an increase in prices in the next 18-24 months.

“We’re looking at options in the secondary residential market in many places, especially Mumbai and the Delhi, National Capital Region, since the prices are flat and one will get a good deal. It is the best time to buy in the resale market,” a chief executive officer of a leading developer told Business Standard, on condition of anonymity. The secondary market has been showing good numbers in recent months.

A Noida-based broker, buying properties in good locations since last year, plans to sell at a higher price later this year, said: “Buyers are not coming in good numbers in the secondary market, though some sales have been happening. Prices have been stagnant for one or two years or only marginal uptake in specific localities.”

Over the past few years, brokers have also slowly started shifting towards the secondary market. Many are reluctant to buy new property because of fear of delay in possession and other issues. According to experts, the number of queries for ready to move in and resale properties have increased after the formation of a stable government. However, a revival in the sector is still seen as 18-24 months away.

New real estate portals such as PropTiger and Commonfloor are also focusing on the secondary market in a big way. Last week, realty portal PropTiger acquired Makaan.com, a major player in the secondary market.

The sector has been facing difficult times for the past few years, owing to issues ranging from delivery delays to fund crunch and declining sales. While the sector continues to be hit by a huge inventory, a drop in the number of new launches and delivery blues have shaken buyers’ and investors’ confidence.

“At PropTiger, our strength is end-to-end services in primary segment, while Makaan.com with its relationships with over 40,000 brokers across 50 major cities has great control of the secondary market; that's where the synergy will flow in from. We had already started the pilot project in the secondary market and are getting a good response. Soon, we will live in all cities where we have bases,” said PropTiger co-founder Prashan Agarwal.

Latest Realty News

Modi-government-faces-opposition-test-on-GST-and-Real-Estate-Bills
May 05, 2015
NEW DELHI: The government's legislative agenda may suffer a setback
Pvt-equity-investors-fund-realty-sector-amidst-slowdown-fears
May 05, 2015
Pune: Private equity investors have not lost faith in the potential this sector holds as they continued to pump in money
BMC-office-proposal-trips,-builder-scores
May 04, 2015
Bhubaneswar: The development authority has two different sets of building plan approval rules for government agencies and private builders
5-lakh-Mumbai-families-likely-to-be-hit-by-Rent-Act-amendments
May 04, 2015
MUMBAI: A state housing department plan to amend the Rent Control Act has created panic among residents
Homebuyers-of-Emaar-MGF's-Gurgaon-project-protest-‘2-year-delay’
May 04, 2015
GURGAON: Disgruntled homebuyers of Emaar MGF's Palm Terrace on Golf Course Extension Road in Sector 66 staged a protest against the builder
Opposition-slams-govt-over-flip-flop-in-discretionary-quota-probe
May 04, 2015
Bhubaneswar: Opposition parties in the state have criticised the government for its U-turn over cancellation of land allotments under discretionary quota
Realtors-back-to-selling-reality,-not-dreams
May 04, 2015
NEW DELHI: Sales pitches by real estate firms and property brokers are becoming more realistic as they learn from a slowdown and a consequent softening of returns
DV-Sadananda-Gowda-asks-Rahul-Gandhi-to-study-the-new-real-estate-bill
May 04, 2015
MANGALURU: Union Law and Justice Minister DV Sadananda Gowda today lambasted Congress Vice President Rahul Gandhi for criticising Prime Minister Narendra Modi over the Real Estate Regulatory Authority Bill
VGN-Developers-launches-Rs-500-cr-project-in-Chennai
May 04, 2015
Chennai: Residential property developer VGN Developers Pvt Ltd has entered the luxury apartment space segment
Coldwell-Banker-India-sees-good-potential-in-Chennai-realty
May 04, 2015
Chennai: Real estate broking company Coldwell Banker India is planning to appoint 30 franchisees by the end of 2015

Latest Realty News Of State

Realty Talk's