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Indian Real Estate Sales: Down By 30% In Mumbai; Up By 49% In Delhi, Pune

High prices and increased interest rates are keeping consumers away. Even the real estate is experiencing a loss. Homes and plot sales have decreased a value of over 30% in Mumbai with the end of the quarter in December compared to the previous year.

DLF Emporio

DLF Emporio

Weighted average prices have raised 30% from the previous peak of Rs 8,100 per sq ft in June 2008, while it has gone up 97% from the bottom of Rs 5,353 a sq ft in June 2009. Real estate market registered a sale of only eight million sq ft during the quarter, the lowest of past three years.

However, sales in Delhi, Pune, Hyderabad and Chennai rose between 6-49% from the previous year. The highest growth in sales was registered in Bangalore at 106%. Liases Foras, a non-brokerage real estate research firm stated that unsold stock in these six major
property markets has risen to 525 million sq ft, equal to an inventory of 23 months.

What amazes is the huge disconnect that exists between these cities even though these are metros (some are upcoming metros) and are in the same country – India.

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