Residential property prices down 2-9%: Magicbricks

Mumbai: Residential property prices across key markets have declined by 2-9% since the lockdown came into effect in late March, a survey by property portal Magicbricks shows. Among tier-I cities, Pune and Bengaluru witnessed the least decline in buying sentiment due to the uncertainties caused by the outbreak of Covid-19, according to the survey.

“The industry was already suffering from liquidity crisis and constructions delays, and now Covid-19 and the resultant lockdown has just compounded the problems for the industry,” said Sudhir Pai, CEO, Magicbricks. “This has temporarily affected the buying intent of more than 80% of home buyers across tier-I cities.”

This in turn, Pai said, has also delayed the home buying process by six to nine months, and the price drop may encourage those who are planning to invest.

National Capital Region (NCR) and Mumbai Metropolitan Region (MMR) already had sluggish market sentiments before the lockdown and comparatively lower consumer buying intent.

The survey indicated that both these markets are likely to be slightly less affected by the lockdown when compared with cities like Ahmedabad and Kolkata.

Magicbricks is a part of Bennett, Coleman & Co, which publishes The Economic Times.

Source Article

Lois C. Ferrara

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