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News & Views on Indian Real Estate

Wednesday, October 22, 2008

Residential Rentals Rise As Buyers Wait

The outlook for India's property market is turning gloomier and aspiring home buyers are hoping that they would get a good bargain if they wait. As a result, residential rentals are rising again. Renting a home is already costing 15 to 20 percent more than it did a year ago, according to Mr. Pankaj Renjhen, Managing Director at consulting firm, Jones Lang LaSalle Meghraj. "Buyers feel that property rates will come down and purchasing a flat will be a more feasible option in the coming months." The US financial crisis, which saw some Wall Street icons collapse, has already begun to affect India's real estate market, which was betting big on foreign money to sustain its high ride. As per housing experts, foreign institutional investors pumped about $4 billion (Rs 19, 200 crore) into India's real estate market in the past three years. The inflows have considerably slowed in recent months and some fear these might completely dry up, given the squeeze in the global credit market. The absence of liquidity has made it difficult to hold the price for long. With the supply falling short of demand, rentals will continue to rise until property prices fall to what buyers would see as affordable.

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