Realty of Indian real estate
Buying a house in India will be a tough call for the first time home buyers as they have to contend with rapidly rising prices. Property prices have increased by 12% over the past year in India.
India’s rapid increase in property prices may be a good news for developers. However for buyers it has been a nightmare. Higher prices have been impacted the demand for the residential properties in India.
It is recorded that the sale of property in Mumbai real estate market has been dropped by a whopping 70% from their 2007 peak levels. In the same time the overall prices increased by 20 percent.
The highest drop in sales was seen in Central Mumbai, where the amount of unsold inventory increased to 45% of the launched units. Slowing demand has in fact prompted some real estate developers such as DLF and Unitech to slow new project launches.
Affordable housing continues to be a distant dream for a large portion of India’s middle class population.
One solution for the same is that the government has to build better transport infrastructure and satellite towns. This will help ease the burden on larger cities and urban infrastructure.
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Source: MSN
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