Drop in property prices cheers home buyers

If you had put your plans of buying a house on ice owing to high prices, here’s a breather for you. Latest researches have revealed that property prices, in the past one year, have come down and builders too have started understanding buyers’ requirements.

As per a report published in Economic Times, property prices in Noida Extension have come down 8.3% to about Rs 3,300 per square foot from Rs 3,600 per sq. ft. in January 2014.

"Builders and brokers are willing to negotiate better deals today, which was missing some time back," said banking professional Nikhil Kumar, who has been hunting for a house in and around Noida for over two years but everything seemed expensive. Nikhil lately bought a 2-BHK house in Noida extension.

"Developers today are accepting buyer requests and are offering benefits. Whatever price correction had to happen has happened in different sub-markets depending on supply and demand dynamics," said Shveta Jain, executive director residential at property advisory firm Cushman &Wakefield.

Not just the builders, but banks, too, are providing surprising deals to their customers on home loans. After the RBI's recent rate cut, some banks have reduced their base rates, which may potentially reduce the cost of home loans.

The State Bank of India now offers home loans to women at 9.7% and at 9.75% for others, irrespective of the amount. ICICI Bank has also reduced its home loan rate to 9.85% for women and 9.9% for others.

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