Property Market The boom that came after the corona epidemic now seems to be coming to a halt. After a long time, home sales are expected to fall. According to real estate data analyst company PropEquity, home sales in nine major cities in the country are expected to fall by 18 percent to 1,04,393 units in the July-September quarter. 1,26,848 units were sold in the same period last year. Hyderabad may see the highest decline of 42 percent. After this, Bengaluru is expected to fall by 26 percent, Kolkata by 23 percent, Pune by 19 percent, Chennai by 18 percent, Mumbai by 17 percent and Thane by 10 percent. According to the data, housing sales are expected to grow by 22 percent in only Delhi-National Capital Region and four percent in Navi Mumbai in July-September this year.
Why did the demand for property fall?
According to real estate experts and property brokers, property prices have increased by 50% to 70% in the last two years. There is a huge shortage of affordable or low-priced properties in the property market. Developers are focusing only on luxury projects. The price of a 2BHK flat in major cities has reached crores. Due to this, the middle class or working class is able to buy a house if they want. Investors are investing huge amounts of money to take advantage of the rapidly increasing property prices. At the same time, end users are disappearing from the market. The property market cannot be run for a long time on the strength of investors. Therefore, now the demand is decreasing. The situation may become more dire in the coming times because the property prices have not increased in proportion to the increase in people's income. The property prices have increased in an arbitrary manner. This can invite a severe recession. If timely steps are not taken, the property market may once again see a long-term recession.
Bengaluru is expected to see a massive drop of 25% in sales
Housing sales in Bengaluru are expected to decline 26 per cent to 13,355 units during July-September from 17,978 units in the year-ago period. Housing sales in Chennai may decline 18 per cent to 4,634 units from 5,628 units in the same period a year ago. Residential property sales in Hyderabad are expected to decline 42 per cent to 12,082 units in the period under review. Sales in Kolkata may decline 23 per cent to 3,590 units from 4,634 units in the same period a year ago. Housing sales in Mumbai are expected to decline 17 per cent to 10,966 units. Sales in Navi Mumbai are expected to increase 4 per cent to 7,737 units.
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