Economy & Market
Buyers gain as housing prices stagnate
A sharp decline in property price appreciation in top Indian cities has pushed investors out of the housing market in India, which has turned into an end users´ paradise, thanks to stagnating prices and, in some cases, deeply discounted distress sales.
´A sign of any residential market´s increasing maturity is evidenced by gentler price appreciation ´a process which has been very much in evidence in the country´s financial capital. Fourth quarter price performance in Delhi-NCR, Bengaluru and Chennai is also representation of what happened through the year,´ said Ramesh Nair, Chief Operating Officer, Business and International Director at JLL India.
Back in Mumbai, at sub-market level, south-central Mumbai and the eastern suburbs saw the maximum appreciation at 4.3 per cent and 4 per cent respectively, followed by north Mumbai and western suburbs at 3.9 per cent and 3.5 per cent, respectively. Outside the city and suburbs, Thane saw a 3 per cent appreciation in capital values, while the figure for Navi Mumbai stood at 6 per cent. However, Navi Mumbai also has a lot of unsold inventory in many of its pockets and only few precincts are witnessing good demand.
Source: The New Indian Express