According to Knight Frank, home prices in India fell by 1.7 percent in the second quarter of the year compared to the previous quarter.The unsold inventory of homes in Mumbai has reached 130,000 units.
According to Jones Lang LaSalle, Real estate prices in many of the Indian metros have crossed sustainable limits.A massive inventory of unsold residential units in the larger cities, and the developers with the larger shares of this inventory will have little choice but to yield to the price pressures. Average prices of homes in newly launched projects in India have decreased by 15 to 25 percent compared to market pricing.
The top 25 real estate destinations of the Asia Pacific region compiled by PricewaterhouseCoopers (PwC) and the Urban Land Institute, released this month, revealed that the Indian cities of Mumbai and Bangalore had slipped to 23rd and 20th place, respectively, from 20th and 19th position the previous year.
Source:Residential Property Price Correction Expected in India| worldpropertychannel.com
A blog by Rakesh HP 