Housing prices could fall in Mumbai and Delhi-NCR
Housing prices could fall by up to 20 per cent in Mumbai and Delhi-NCR sooner than expected if RBI raises key rates in its upcoming monetary policy review, says a report by property consultant Jones Lang LaSalle . It is widely expected that the apex bank would increase the key policy rates by up to 50 basis points in its upcoming monetary policy review on January 25 to curb food inflation, which is hovering around 15 per cent.
The consultant feels that it makes sense for developers to reduce price to boost sales to improve their liquidity rather than taking the high-cost debt.
Prices for mid to high-end flats in Gurgaon are currently hovering at Rs 8,000-10,000 per sq ft, while in Noida it is 3,500-5,000 a sq ft. Similarly, apartments are offered for Rs 25,000-30,000 per sq ft in Central Mumbai, while in sub-urban Mumbai the rates are little less and the range is Rs 9,000-16,000 for every sq ft.
“An increase in lending rates is almost inevitable, considering the high need to curb inflation,” JLL India Chief Executive Officer (Business) Sanjay Dutt said. He pointed out that any increase in policy rates by RBI would affect the sentiments of the property market and housing prices, which were expected to correct in the next 6-8 months in Delhi-NCR and Mumbai, could decline within six months.
Apartment, Delhi NCR, Delhi Property, flats in Gurgaon, Gurgaon, Housing prices, increase in policy rates by RBI, Mumbai, Mumbai Properties, property market, RBI, Real estate in India
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