After demonetisation, RERA, and GST, 2017 saw prices come down to unprecedented levels – even Mumbai residential prices finally cracked – according to a recently released Knight Frank India report.
Want to buy a house? There may not be a better time than right now. The real estate sector in the country has had it rough the past two years, with demonetisation, Real Estate (Regulation and Development) Act and Goods and Services Tax delivering one shock after the other. But 2017 saw prices come down to unprecedented levels-even Mumbai residential prices finally cracked-according to a recently released Knight Frank India report.
The real estate consulting firm in its India Real Estate report July-December 2017-the eighth edition of its flagship bi-annual report analysing eight major cities in the country-says that weighted average prices have fallen an average of 3% across cities. Moreover, the share of affordable homes in the new projects-those in the Rs 50 lakh bracket-have shot up from 53% in 2016 to 83% in 2017.
“Until the end of 2017, India’s residential sector had shrunk to a fraction of its size in less than a decade,” said Shishir Baijal, chairman and managing director, Knight Frank India, adding that “all in all, it is a buyers’ market today”. Here’s a detailed look at seven key cities covered: