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After the Corona epidemic, there was a boom in India's property market. Now this boom seems to be slowing down. There is a possibility of a decline in home sales in many cities.
Decline in sales
According to PropEquity, house sales are expected to fall by 18% in the July to September period. Last year at this time, 1,26,848 houses were sold. This time the number is estimated to be 1,04,393.
Situation in cities
Hyderabad: Sales here may decline by 42%.
Bengaluru: Sales are expected to decline by 26%.
Kolkata: There is a possibility of a decline of 23%.
Pune: A 19% decline is expected.
Chennai: There may be a reduction of 18% here.
Mumbai: Estimated to decline by 17%.
Thane: There is a possibility of a decrease of 10%.
Delhi-NCR: There may be an increase of 22% here.
Navi Mumbai: A marginal increase of 4% is expected.
There can be many reasons why there is a decrease in demand in the property market -
Increase in prices
Property prices have increased a lot in the last two years. They have increased by 50% to 70%.
Lack of affordable property
There is a shortage of affordable properties in the market. Developers are focusing only on expensive projects.
The middle class is affected.
Now the price of a 2BHK flat has reached crores. Due to this, the middle class and working people are not able to buy a house.
Investor dominance
Many investors are investing huge amounts of money in property. But it cannot run on the strength of investors alone. Common people, who want to buy their own house, are disappearing from the market.
future prospects
If property prices continue to rise like this, it can lead to a recession. Property prices are rising much faster than people's incomes.
Steps need to be taken.
If nothing is done in time, the property market may face recession again.
It is worth noting that India's property market is now facing a decline. The rise in prices and lack of affordable property are the main reasons for this decline. If the situation is not improved, this problem may increase.
