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Home sales down due to jump in property prices

Due to an increase in property prices and poor salary increments, home sales witnessed a slump in New Delhi.

Manas Tripathi, an executive at a Delhi-based car company, said since property prices have gone up and only 5 per cent of increment in salary, he is not able to take a huge housing loan. He also said that the interest rates are still on the high.

Due to low salary increment, many first-time home buyers took back plans to buy new houses, making it worse for the builders who have been struggling because of low sales. Unchanged interest rates also added to the worry.

There has been a slump of 20 per cent in home purchases, said brokers.

According to real estate research firm Liasas Foras, property prices in the NCR have increased by 33 per cent in the last one year and in MMR by 17 per cent. Bangalore has seen a modest increase of around 8 per cent in the period.

Home sales in Delhi-NCR witnessed a slump of 57 per cent and 58 per cent in the Mumbai Metropolitan Region (MMR) in the January-March 2012 quarter, say Samir Jasuja, chief executive officer at property research and analytics firm PropEquity.

To read more real estate news:

Property value along metro corridors will be revalued in Delhi

Source: The Economic Times

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