Housing Prices Likely to come Down
Mumbai/Delhi/Bangalore: It can be blamed, the economic slowdown that hampered the dreams of real estate developers who were further eying go beyond the clouds with their multi million square feet projects. The data is even more disheartening that shows that a 16% drop in home sales across all tier 1 cities. A staggering lowering of 32% in Chennai, 25% in Hyderabad and 14% in Bangalore is witnessed in the country that is again chaining the prospects of realty growth.
This resulted in the fall of home prices. It’s happy news for the home buyers whose dreams were bludgeoned by the muscular prices and unhappy for the market players and builders. According to a property research firm, a drop of 2-5% in home prices can be seen in Mumbai and a calculative 1% around the country.
The construction of numerous projects is in full swing and if difficulty arises in its selling then immense pressure builds up in the forehead of the builder. This again will affect the prices, naturally lowered such that the users may change their mind and go for fulfilling their dreams of getting a sweet home.
The unsold inventories are bulking up and forcing the hotshots to bring their prices down. Another factor is the home loans that are in users’ point of view: high. CREDAI has already appealed to the finance ministry to downscale the interest rates. The overall air in the country is demoralizing and hence decrement in prices may invoke a sense of motivation in the conscience of buyers. And the market will flourish again, well let’s expect good!
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