As the demand for new homes dips in the metroes because of escalating prices, re-sale flats are also seeing a 60% drop in demand in Mumbai, Delhi, Kolkata and Bangalore, thanks to high prices and interest rates on home loans. Builders and consultants say that unlike last year, buyers are shying away from re-sale apartments that are 10-15 years old. When compared, re-sale apartments sell at prices which are less by 10% than those of new residential projects.
In May last year, the demand for re-sale residential flats grew at the rate of 35-40% as buyers were opting for such flats. But in metros such as Mumbai and Delhi, realty prices in the residential sector have increased by almost 100% over the past one year, preventing buyers from buying new or old apartments.
Besides this, builders are not even offering discounts on new residential projects as they feel the residential realty sector will see a dip in prices in the near future.