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Property prices fall 1-5% in April-June across top cities: Report
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SME Times News Bureau | 07 Jul, 2020
Property prices across top eight
cities in the country declined 1-5 per cent in April-June quarter amid
the coronavirus pandemic, according to the Magicbricks Propindex Report
Q2.
The report said that in April prices slumped by 2-9 per cent, but later recovered.
It
said that as India's economy has started getting back to a 'new normal'
following the COVID-19 outbreak and the national lockdown, the real
estate sector has also started to witness some green shoots as
homebuyers are back in the market, though in lower numbers across tier-I
cities.
It suggests that the property buyer market sentiments
are on the path to recovery with the buyer searches on the property
portal set to surpass the pre-COVID levels, indicating robust underlying
fundamentals on the demand side.
Commenting on the PropIndex,
Sudhir Pai, CEO, Magicbricks, said: "India's real estate sector is on
road to recovery. Prices have shown a marginal decline whereas demand
has been steadily coming back. Actions have been taken by the government
on the recovery package and the RBI has also reduced repo rates by more
than 100 basis points since the lockdown. This augurs well for the
industry.
"Our data suggests that search activity is almost back
at pre-COVID levels and this is therefore the right time for developers
to grab the attention of the homebuyers through attractive deals and
offers," he added.
The markets of Hyderabad, Chennai and
Bengaluru -- India's best-performing markets in the pre-COVID-19 phase
-- witnessed maximum price decline but least drop in consumer demand,
indicating that homebuyers are now active in these markets and are
looking for exciting deals.
Gurugram and Noida in the National
Capital Region (NCR), which were already facing headwinds for quite some
time, resisted downward pressure on price.
Mumbai Metropolitan
Region (MMR) fared slightly better compared with other regions, despite
being worst-hit by COVID-19. The average price decline was in the range
of 0.4 and 0.8 per cent.
The Chennai residential market clocked a
2.3 per cent year-on-year growth, but the recent pandemic brought a 3.1
per cent decline in prices in Q2 2020. Around 87 per cent of the city's
demand falls under the 2- and 3-BHK configuration, showing domination
of mid-segment consumers.
In Delhi, prices dropped across most
budget categories, with the highest price decline witnessed in the
premium properties costing more than Rs 15,000 per square feet.
In
Q2 2020, affordable houses, especially 2- and 3-BHKs, which cost below
Rs 10,000 per cent square feet, witnessed better traction compared with
other configurations, making up for a substantial three out of four
property searches in the national capital.
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As on 13 Aug, 2022 |
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