Indian real estate expected to fall less than 5%
Jones Lang LaSalle, world’s second-largest property consultant, predicts growth in India’s property market is expected to fall to less than 5 per cent over the next 12 months.
In an interview with Reuters, president and global chief executive officer of JLL stated that the market looks grim compared with an annual growth rate of 17 per cent since 2007. Along with slowdown in home sales, low absorption of office and retail space have made the sector suffer.
Growth in India has slowed down to a nine-year low of just 5.3 per cent as high inflation and interest rates bog the national economy down. Indian developers including big ones like DLF have turned to asset sales to cut debt levels.
The realty outlook for India is going to depend on its political, monetary and regulatory environment.
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