The real estate prices have been touching the skies for sometime now. ET now reports that things are cooling down. The real estate prices in some regions have come down as much as 25%.
Land prices in the national capital region (NCR), Mumbai suburbs, Bangalore and Hyderabad have corrected by up to 25% as property developers slow down their land purchases. Poor sales and lower availability of credit at higher cost have prompted property developers to end the mad rush to acquire land. Some of the developers have even backed out of land deals which were agreed upon as the slowdown hit the sector.
Prices have come down by up to 25% in Mumbai’s distant suburbs, including Thane and Belapur, and pockets of Hyderabad and Bangalore, according to property consultancy firm Knight Frank India.
This is really a very good news for average middle class Indians who have been sitting on fence for a very long time in hope of property prices coming down.
I hope this situation replicates in other cities like Pune where property prices are just not within the reach of middle class people.
Loading ...
Rakshit sharmma wrote,
Ya I agree too, atleast in NCR region.
Link | May 19th, 2008 at 8:55 pm
Pune Builders wrote,
Yes, the prices have touched a low because of lower availability of credit that caused a drop in demand, particularly for mid priced real estate.
Link | June 4th, 2008 at 2:53 am
PBAP wrote,
Thsi month we have seen a very big drop in prices b the builders across the board and only a hand full of builders are trying to keep their prices.
The builders thought they would able to seel their property in the festival season but could hardly realise sale 10 % of fully deleoped and ready possesion. The small builders in almost all areas have started quoting between 1800 to 2200 per Sq. ft. and big builders prices are between 2000 to 2500 per sq. ft.
The prices in Kharadi, Sus Road, Wakad, Baner, Balewadi, Aundh Annex , Chinchwad have dropped by almost 50%.
New project wich were slated to announced in Q2 are being anounced in Q4 as the finacial position and the interest burdens on the loans taken by builders are mounting and you may furtehr see big distress sale by builders by luring buyer with their attractive advertisement and lowering prices.
If you are looking for property you should wait till March 09 and it will be he best time to buy as propety prices will be at almost same level of 2006.
Link | October 9th, 2008 at 11:36 am