The downturn in the real estate sector deepened, with house prices falling in six cities


Real estate The sector has been beset with problems for a long time. But the economic shocks caused by the corona infection have made it even weaker. The last few months have seen a big drop in demand. Significant in house prices in the country’s top six cities between July and September this year Reduction Has been seen. According to one report, it has dropped by two to seven percent.

House prices have fallen by seven per cent

According to a private media report, property consultant Knight Frank India said it has lost two to seven per cent in house prices in the country’s top six cities. These cities include Delhi-NCR, Mumbai, Chennai, Pune, Kolkata and Ahmedabad. However, the average house prices in Bangalore and Ahmedabad have gone up by three and four per cent respectively during this period.

The biggest drop in price in Chennai

According to the report, the biggest drop in house prices has been in Chennai. This was followed by a five per cent decline in Delhi NCR and Pune. Kolkata and Ahmedabad saw a decline of three per cent and Mumbai two per cent. In six of the country’s eight cities, average house prices have fallen on an annual basis. According to the report, 33,403 residential units were sold in the September quarter.

This is three-and-a-half times more than the 9,632 units sold in the June quarter. According to Shishir Baijal, MD, Knight Frank India, sales and launches saw a significant improvement in the third quarter of 2020. The focus of developers is on emptying inventory. Home buyers are increasingly preferring ready-made property.

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