Nearly 190,000 square feet of unsold residential projects in Gurgaon

New Delhi: Gurgaon real estate market has nearly 190,000 square feet, each developed under 28% of the total area, due to slowing demand and a surge in the supply of unsold inventory, according to the rating agency ICRA.

However, ICRABSE0.25% Research in New Delhi NCR residential market in the latest report, sales will exceed demand in the short term in Gurgaon.

"Golf course extension road and the new Gurgaon maximum emission is still the most active micro markets witnessed Gurgaon is being developed in Gurgaon market with a total area of 66.11 million square feet as the end of March 2014 , "ICRA said.

It is estimated that the total unsold inventory in Gurgaon at 18.82 million sq ft, with a golf course extension road and the new Gurgaon 63% among the unsold inventory.

Rating agencies due to the high inventory of unsold supply of new Gurgaon Golf Course Road Extension and the surge in the international slowdown in demand for real estate.

"We believe that in the short term, increase the sales pace will give priority to the new launch," ICRA said.

The report stressed that Gurgaon is experiencing similar KMP Expressway and Dwarka Expressway, the overall market is expected to create a positive impact on the development of the situation of major infrastructure.

"Although there have been the completion of infrastructure projects most significant delays in the completion of the real estate market is expected to get significant benefits of these projects.

Overall, in Delhi NCR real estate market, ICRA said demand is expected to remain subdued in the medium term, due to tight monetary policy and weak economic growth.

"Developers earnings remain under pressure mainly leading high input costs rising inflation, such as steel and cement costs," it added.

ICRA also said that further financing will panic with banks and other funding sources to reduce the inflow of tightening lending standards, such as private equity investments.
SOURCE : WEB