Flat prices, based on
the National Housing Bank’s (NHBs) Residex Index, increased 5% in the April to
June quarter of 2014, compared with a year ago. This is still better than the
muted 2% increase seen during 2013.
While the Budget
measures were positive, high interest rates & economic slowdown dampened
buyer sentiment in mid-income housing.
Neither did the
luxury segment fare any better. Builders who put up upmarket properties had an
uphill task selling them in most cities. Cash-strapped developers were left
with large inventories.
Total unsold flats
and homes in most cities remained high compared with 5 year average levels,
based on data from real estate consultancy JLL India.
For example,
Delhi-NCR has enough supply of completed flats to meet the demand for 35 months
- nearly double the 18 months of average inventory seen in the past.
Chennai has enough
supply of completed flats to meet the demand for 35 months - about double the
21 months of average inventory seen in the past.
Src: BL
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