Key Points:
- Housing Prices in six cities of the country have gone down.
- Delhi-NCR, Mumbai, Chennai, Pune, Kolkata and Ahmedabad have seen a downfall of 2-7%.
- Hyderabad and Bengaluru were the only markets that witnessed a price increment of 4 per cent and 3 per cent respectively, said a report from the Knight Frank India.
- The CMD of the firm Shishir Baijal said that the festive season may be an opportune time for the investors and the sellers.
The ongoing pandemic has shown its adverse effects even on the Housing Prices in major cities of the country. A decline of about 7% in the average housing prices were seen in the top six Indian cities in the last three months, said a report on Thursday.
Delhi-NCR, Mumbai, Chennai, Pune, Kolkata and Ahmedabad were the major cities that saw a drop of price percentage during July to September which was approximately 2 – 7 per cent. The reason behind the average fall in the rates is the Covid-19 pandemic, according to Knight Frank India.
On the other hand, Bengaluru and Hyderabad have seen a hike in the prices by 3 per cent and 4 per cent respectively, during July and September 2020 in comparison to the year-ago period.
“Hyderabad and Bengaluru were the only markets that witnessed a price increment of 4 per cent and 3 per cent y-o-y respectively, as developers in these pre-dominantly end-user markets sustained pricing power in a favorable demand-supply scenario,” Knight Frank India said in its report released on Thursday.
Chennai saw the maximum fall of 7 per cent, followed by Delhi–NCR and Pune at 5 per cent.
Rates dropped 3 per cent each in Kolkata and Ahmedabad, while Mumbai observed 2 per cent price correction.
According to the report, housing sales stood at 33,403 units during July-September of this calendar year, which is 3.5 times higher than 9,632 units recorded in the previous quarter.
Adding to the previous statements, CMD of Knight Frank India, Shishir Baijal said that the upcoming festive season will be very crucial for developers as this might turn out to be an opportunity for end-users with enough financial stability to make their investments.
“The near-term outlook on sales continues to depend on the speed and the path of recovery in the economy in the months ahead,” CMD Shishir Baijal quoted.
