Good news for property buyers in Jaipur- prices fall by 3.8%
An analysis done by Mint shows that the inflation in real estate which includes rent and sale price was the highest in the country in the last decade. Rental prices grew at a rate of 7.8% annually and most of the major cities in India were included while doing the analysis. However it seems that the story in Jaipur is just the opposite.
The housing prices in the Pink City corrected 3.8 % in January-March quarter of 2014. This decline had started in the first quarter of 2013 and in the last one-year; prices have fallen by 10 %. According to a report by National Housing Bank, the appreciation or depreciation in the value of properties (the bank tracks this trend every quarter) was tracked in 12 cities out of 26 in the country. The decline was the sharpest in Jaipur followed by Guwahati (-3.75 %), Bengaluru (-3.6 %), Meerut (-3.5 %), Bhubaneshwar (-3.47 %) and Ludhiana (-3.3 %).
Till 2013 housing prices in Jaipur had shot up by 67 % and the developers were reaping the benefits. However this market correction was much needed to stabilise the market. Vinay Joshi the president of Rajasthan Affordable Housing Developers Association predicted that the demand will come back in a couple of months before Diwali which will drive the price appreciation.
Source- The Times of India
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