If you concern the real estate of cities like Hyderabad, Gurgaon,NCR(national capital region), Mumbai and Bangalore there is - a slowdown, followed by a correction. The residential and commercial rates of property are in correction mode in Mumbai, Gurgaon, Bangalore, NCR, Hyderabad and some other cities. In fact, property prices kept going up after the second quarter of 2007, but actual deals were not taking place. These cities have witnessed corrections to the tune of 10 per cent to 15 per cent already. Now, looking at global clues and with IT and financial markets in a correction mode we expect to see another additional 10 per cent correction by end 2008" said Naresh Malkani, CEO Indiaproperties.
Malkani looks back at the glory days as to what facilitated the enormous growth for the real estate sector: The IT sector was robust, the dollar was on a high, interest rates were low and concessions were aplenty for the housing market that went through a bad phase between 1997 and 2003, he said.
"Between 2004 and 2006, markets witnessed land prices escalation by over 200 to 300 per cent year-on-year. In 2007 though came the quantum rise in housing finance rates, followed by the drop in dollar - it discouraged NRI buying and slowed down IT spending. With supply still coming in at higher rates due to escalated land valuations, new homes in the market have been rendered almost unaffordable for the masses who form the major chunk of buyers. Given this scene, across all Tier 1 and 2 cities across the country, markets are at best stagnant or in correction mode." summed up Malkani.
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