Indian real estate prices unlikely to correct: JLL
Despite a demand contraction of about 15 per cent in the commercial real estate sector, there is little chance that rents of commercial sector will go down.
Property consultant Jones Lang La Salle states that Indian real estate prices are unlikely to be corrected.
The Indian residential property market has witnessed a definite slowdown in new launches already. JLL sources say that real estate price in cities such as Mumbai or Delhi is unlikely to lower. The residential rates have already crossed and surpassed the highest levels in these cities and constrained supply outpacing inherent demand for residential properties will make price correction unlikely.
However, the firm expects that there would be supply correction for 2013 and 2014 even as the supply for 2012 is by and large on track.
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