Housing prices fell by 1 per cent in Delhi-NCR during April-June period over the previous quarter due to lower demand, according to a report by realty portal 99acres.Com.
Residential demand remained subdued despite massive price corrections in Delhi, Noida and Gurgaon, the report said.
An inventory overhang of over 2,50,000 unsold flats continued denting developer sentiments, 99acres said, adding that over 30 per cent of the inventory is under-construction due to litigation and clearance troubles.
"The numerous government policies and infrastructure enhancements are yet to make a mark on Delhi NCR's property landscape," said Narasimha Jayakumar, Chief Business Officer, 99acres.
In Delhi, the price of apartments fell by an average two per cent during April-June 2016, over the previous quarter.
"Delhi's real estate story continued its paradoxical trajectory, with prices remaining stubbornly high despite towering unsold inventory," the portal said in a statement.
The report said that builder floors enjoyed higher popularity than society apartments in Delhi, thus recording a stable market in Apr-Jun 2016.
In Noida and Greater Noida, apartment prices dipped by 1 per cent during the period under review.
"Soaring inventory, stalled infrastructure projects, and frequent legal tussles faced by developers in Noida and Greater Noida continued hurting market sentiments," it said.
The report added that several government initiatives to aid infrastructure development failed to turn Gurgaon's realty fortunes, which delineated an average downtrend of one per cent.
Only 20 per cent of the tracked localities in Gurgaon reported growth on the capital charts.
99acres Insite is a quarterly report which captures the capital and rental price trends of the residential realty market across seven major cities of India.
