Is our country one of the worst performers in the field of housing globally?
In an important study conducted by the International Monetary Fund, it has been understood that the prices of houses in India are falling rapidly. Out of almost 52 countries, India is one of those countries that has witnessed the sharpest decline. It is surprising to see such a situation since the rest of the world is facing incessant price rise.
Since inflation affected consumption massively and high price rates made houses less affordable, the prices of homes in India declined to about a 9% a year ago. This fall is miserable to see since countries like Italy, Cyprus and Greece have not witnessed something like this, despite being those areas in Europe which has faced a major financial crisis.
Data shown by the National Housing Bank’s Residex say that despite an increment in prices of homes in several towns, a deceleration has been noticed in terms of its pace. Data shown by an index of about 20 cities display that the prices of houses have grown by a mere 1.4% in the month of December.
So next time you get text messages on your phone telling about you a 10-15% discount on residential prices, consider it a gimmick!
Source – Ravi Krishnan
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