Home Prices Unlikely To Rise In Next Six Months: Survey
New Delhi: Prices of residential property are unlikely to appreciate in the next six months in the country, said 75 percent of the real estate developers in a survey carried out by Knight Frank, FICCI and NAREDCO.
As many as 69 percent of the real estate players think the sales of residential units will remain muted in the coming six months.
The real estate industry is largely pessimistic in its outlook for the ongoing six months period.
The economic slowdown in the country, coupled with issues like NBFC crisis, developer bankruptcies and defaults, have dampened the sentiments of the industry, particularly for the residential segment.
However, the sentiments for office sector remained positive as 83 percetn of the survey saying that office space supply as well as absorption will see positive movement. They also said thatbthere will be growth in rentals of commercial property.
“The ‘pessimistic’ outlook of stakeholders of real estate have only reiterated the current negative growth conditions that the sector is staring into. The real estate sector has been witnessing tough sales environment which is only expected to continue,” said Shishir Baijal, Chairman and Managing Director of Knight Frank India.
“Liquidity being the oil of the India’s growth engine needs a quick fix resolution enabling Indian Real estate to play its role in enhancing GDP growth in tandem with ample job creation. As known globally, real estate and infrastructure development have proved to be the economic drivers, Indian stands no different,” said Niranjan Hiranandani as a National President of apex real estate body NAREDCO.