If you are waiting for property prices to fall by the end of the year to buy your dream house in the city, you may be doing the right thing! Realty experts predict a 10-20% fall in residential prices in and around metros.
There is respite ahead for people who want to invest in residential property in metros. According to experts, this segment of the market is set to witness a slide in prices soon. Thats because over five million sq ft of residential space is under construction currently in areas in and around Delhi, Mumbai, Chennai, and Bangalore. They say a majority of this supply will hit the realty market over the next 6-12 months. Since there are fewer takers for residential property in prime locations right now, it could force developers to bring down prices.
Pankaj Renjhen, MD, Jones Lang Lasalle Meghraj, Mumbai, said, In certain markets the reason is oversupply. In certain markets the size of the market is very small and the number of projects that have been announced, or which are being sold in the market are much more. Secondly, there is an absence of investors in the market, so its a purely end-user market. The stock markets have corrected, peoples perception that they have lesser wealth right now, also effects the real estate market.
More : moneycontrol.com
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