Property sales down by 40 % in Bangalore Q1
Residential property sales across Bangalore have dropped up to 40 per cent in April-June quarter as compared to the peak of Q4 2012.
The city’s realty markets, where real estate sales are largely driven by IT clientele (60-65 per cent), have been going through a sluggish period.
According to Karvy Institutional Research, a brokerage firm, high prices and interest rates are the reasons which have been pushing the buyers back.
New apartment sales booking for real estate brokers has dropped to 30 units in Mar-12 to 16 units during Jun-12.
Experts maintain that price correction of 10-15 per cent is necessary to revive 30-40 per cent drop in volume so that sales can be increased in the next two months.
To read more real estate news:
Bangalore property market versus Mumbai and other cities
Source: Economic Times
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