House prices to fall: NHB
National Housing Bank (NHB) has expressed hopes that price correction in housing market is due soon.
NHB, the regulator of housing finance companies, has predicted a decline in the real estate prices in the near future. NHB attributes the fall in prices to the large number of empty houses which is due to be sold.
Possibility of price drop may be boosted by the higher supply, too. However, the regulator declined to predict the rate of price fall.
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house price drop, house prices, Housing finance companies, housing market, Housing prices, National Housing Bank (NHB), Price correction, Property price fall, Real estate in India, real estate price correction, Real estate prices, Realty News
[...] Housing prices in India have shot up astronomically over the last decade. Indian housing prices have been subjected to the steepest rise in the world in the last 10 years since 2001. House prices have increased by 284% in real terms, equivalent to an average annual rise of 14% after allowing for inflation. To own a house has become so much difficult in Mumbai, that one cannot afford even a one bedroom apartment for less than Rs one crore. Prices have gone beyond the reach of an average Indian in places like South Delhi, Gurgaon and Noida, too. [...]