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To be sure, record home prices and higher interest rates have hit demand badly: Mumbai’s residential home sales dropped to a three-year low in the quarter ended December, according to a Bloomberg report.
According to data provided by Liases Foras Real Estate Rating and Research, sales fell 17 percent from the previous quarter to 7.59 million square feet, the report added.
Unsold inventory, or the number of months needed to clear stock at the existing absorption rate, also climbed to 44 months.
The figures elicited a rather predictable response from the founder of Liases Foras, Pankaj Kapoor: “The likely scenario looks like we will see a dip in prices seeing the dismal sales and as liquidity remains tight,” he told Bloomberg.
Unfortunately, we believe there is no guarantee that property prices will fall, no matter what the experts say.
Sunday, 29 January 2012
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