The ongoing global economic downturn has presented an unusual yet opportune moment for homebuyers, particularly in the National Capital Region, where housing prices have plummeted in numerous areas. In fact, many apartments are now being offered at prices nearly fifty percent lower than what they were valued at just a couple of years back. For instance, in Gurgaon, average prices have seen a significant drop of nearly thirty percent, while in Noida, reductions exceed fifteen percent over the past two years.
According to data from PropEquity, Noida and Faridabad have showcased remarkable absorption rates largely due to the introduction of affordable housing projects. Specifically, developments spearheaded by Jaypee in Noida and BPTP in Faridabad are leading the way, with these companies capturing over seventy percent of the market share for the period from January to June of 2009. Notably, Noida secured its position as a leader in the NCR with the launch of 7,032 new units, surpassing Gurgaon by a substantial margin of more than 2,300 units.
Despite these positive developments, the slowdown has undeniably impacted the timely delivery of residential projects. A combination of limited financing and decreased demand has compelled developers to adopt a more cautious approach in executing previously launched projects. Reports indicate that Ghaziabad and Gurgaon are among the cities experiencing the highest number of delays in project completions, with a staggering 71 percent of projects currently under implementation in these regions falling behind schedule.