A recent survey conducted by the Federation of Indian Chambers of Commerce and Industry (FICCI) revealed that the property prices will rise by 10-15 per cent over the next 4-6 months across tier I, II and III cities.
Areas like Whitefield in Bangalore, and Mohali and Ludhiana in Punjab has seen a 15-20 per cent drop in property prices recently. The Gurgaon market has been static for the past couple of months.
Although according to the experts this correction in real estate prices would probably be short-lived and confined to some over-heated locations, where supply is more than demand. With strong economic growth constantly generating new buyers, the upward trend in prices will resume over the next four to six months.
The FICCI survey was conducted to assess the status of the market and is based on feedback from a sample of 24 real estate consultancy firms, developers, construction companies, builders and financing institutions. SBI, Unitech, Ernst and Young, JM Morgan Stanley, GE Real Estate and Mayfair Constructions are some of the organizations that participated in the survey. 67 per cent of the respondents were of the opinion that foreign direct investment (FDI) will contribute to an increase in property prices. 90 per cent of the respondents felt that IPOs will help make the sector more organized.
Reputed developers like Parsvnath, Shobha Developers and Akruti Nirman, Omaxe, DLF are flooding the market with IPOs. Real estate investors worried by corrections in property prices can breathe easy now.
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