Sales of houses decreased due to skyrocketing prices, demand in Mumbai has fallen by 30%, know the condition of other cities including Delhi-NCR
Last few years Property prices have increased wildly. In Noida and Greater Noida, the price of 2 BACH flats found for Rs 40 lakh has increased to 1 crore. However, its brunt is now visible. The property has returned to the market. The demand for houses is declining. According to the report by residential ‘brokerage’ company Propopyer, sales in eight major residential markets of the country fell 14 percent to 97,674 units on an annual basis in April-June, compared to 1,13,768 units in the same period last year. The sale of houses in Mumbai Metropolitan Area (MMR) and Pune declined by 30 percent to 41,901 units on an annual basis in April-June. Demand has reduced due to increase in prices. The two important assets markets of Maharashtra were 60,191 units in the same period in the same period of the market in MMR and Joint Housing in Pune a year ago.
Sales in Delhi-NCR fell 9%
In other major major residential markets, home sales in Delhi-national have fallen by 9%. Pune has fallen by 27 percent and Hyderabad by 6 percent.
Sridhar Srinivasan, head of sales of Propstiger.com, said that especially the pressure of power in budget and middle income group has affected the perception of buyers. Due to this, the demand for property has decreased. Real estate expert says that investors are also rich in falling demand for property. Large investors are now keeping distance from property. Due to this, property investment has declined by 37 percent this year compared to last year. Many people are not able to buy property even if they want to. The reason for this is the price of the property to get out of their budget.
New launch declines due to softening in demand
The report stated that the new supply has decreased in both the quarter-by-the-time and year-on-year cases, as Geopolitical Factors have adversely affected the demand in the second quarter. The struggle between India and Pakistan increased in this quarter, resulting in the two sides attacked each other. According to the report, the launch in MMR, Pune and Ahmedabad declined while supply increased in other markets.
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