Realty markets may witness turnaround

Realty markets may witness turnaround

Most property markets are expected to see turnaround and start pricing in a volume recovery in second half of 2016 at the earliest, said Bank of America Merrill Lynch in a report. It expects the stock markets to start pricing in a volume recovery similar to 2009, supported by further interest rate cuts by the Reserve Bank of India in future. Since January, the central bank has reduced interest rate by 125 basis points including 50 basis point reduction in September.

According to BofA-Merrill Lynch, Mumbai has witnessed a pick-up in demand for housing units, either priced under Rs 3 crore or above Rs 20 crore. Housing need, discount schemes and mortgage rate cuts triggered demand in under Rs 3 crore per unit segment.

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