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News & Views on Indian Real Estate

Monday, May 26, 2008

Is property price coming down in the near future?

Many expect a further correction in home prices in India. Since the volumes of property transactions are going down, hence the asking price for property will also go down. Additionally, over-supply of property is posing as a major reason for the slow down in Real Estate prices.Recent media reports have also suggested the same trend. Reports suggest that Real Estate Prices in Mumbai, Bangalore, Pune, and National Capital Region have corrected 15-20% in the first quarter of this year. Market-watchers say that this trend will be repeated across the Tier II cities and suburbs too. No wonder property developers are wooing prospective users with all sorts of offers. Some are even offering lower EMIs for flats while some are offering goodies like cars along with property. Still others are wavering off the stamp duty prices.
Are the property prices coming down in your area? Is the property slow down really impacting the end user in a major way? Should the home seekers cheer for some reasons? Is there a possibility of a market dive? Or is this a temporary phase in the housing segment?

Vikas Bamotra said...

I dont think so.

Country’s largest lender State Bank of India on Tuesday said that it would review the interest rates on home loans in the next 10 days. SBI Chairman O P Bhatt told, “We are still examining the market condition and will take a view on home loan rates in another week or 10 days”.

SBI had increased its PLR by 50 basis points to 12.75% last week. Following the hike in lending rates, the bank also increased deposits rates for various maturities.

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property delhi said...

I don't think, that property price will come down in future. Everyone knows that property price is growing up day by day in all area of world even in villages.

Anyways thanks for this information... )

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Rakes said...

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