Real Estate Price Fall by 15-20% in Q1 2008

Posted on May 13, 2008

Filed Under India Property Residential | 1 comment

The residential real estate market all across the country has witnessed a revision in price in the first quarter of 2008. The prices have come down by 15-20%.

Here are some trends (city and area wise):

• Gurgaon: 15% decrease in prices of plots
• Noida: 20% dip in plot prices
• Delhi: Friend’s Colony, GK I and II and Hauz Khas have seen 5-10% drop in rates
• Mumbai: prices have stayed the same for the last 3 months
• Bangalore, Chennai and Hyderabad: prices have remained stable

The reasons for this have been attributed to:

• high interest rates
• long overdue market correction as the market is reaching price thresholds

(Source: Economic Times)

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