Right time to invest in Bangalore Realty: Prices dipped in the last 1 year
Residential property prices in Bangalore have seen a decline over the past year and hence individual home buyers can buy properties at a lesser price compared to the last year. This trend also seen in second-tier cities like Kochi, Bhopal, Patna and Bhubaneswar.
National Housing Bank Residex, an index that tracks the prices of the properties in major Indian cities came out with this data. For Jan-March 2014, Delhi’s residential properties were, on an average, priced 1.5 % lower than a year earlier. Hence this is the right time to invest in Delhi’s residential sector before the prices surge again due to increase in demand.
Some 13 of the 26 major cities tracked by the index show a dip in prices. Hence people who are planning to purchase a property should not delay any more. According to the study, the tier 2 cities are the worst hit. Prices fell by 13.6 % in Meerut, the steepest among the 26 cities.
There was a 10 % fall in the prices of residential properties in Ludhiana and Vijayawada too. Property was over 5 % cheaper in Jaipur, Coimbatore, Indore and Chandigarh too when compared to Jan-Mar 2013. These are the upcoming cities were the SEZs are being set up and IT and ITES sectors are coming up. Hence in the coming years the population of these cities will increase.
The index shows that there is no overall slump in the country’s residential property market as the 13 other cities tracked by it saw prices rising. Surat, Chennai and Nagpur show the highest increase with house prices up by 10 % or more over a year.
Source- The Times of India
Investment, Investment in India, National Housing Bank, real estate investors, real estate investors in India, residential properties in Ludhiana
