Property dealers waiting for market correction
Property dealers and research firms say investors are not keen to buy assets now, while those who do, are looking for suitable exits. “Unofficially, the prices have already corrected. Some investors and developers have already exited at lower prices,” said an industry source.
Research heads from a couple of real estate research firms said the wait-and-watch approach by investors is due to awareness created by media reports on price expectations.
On the sell side, it would have been an ideal time for investors to offload assets at high prices. But the rising number of wishful sellers have not been able find suitable buyers at such high rates.
A Mumbai-based dealer pointed out that investors who already hold assets are hopeful that prices will appreciate further.
“One reason for high property prices remaining high is the fact that those investors who already hold assets are unwilling to offload them at discounted prices and are not allowing developers to do the same,” said a developer.
