How much will house prices fall in India in 2021?

According to a recently-unveiled report by international property consultancy Knight Frank, the top six housing markets in India underwent a price correction in the range of 2\%-7\% during the July-September period in 2020. A poll conducted by Reuters also shows average house price is expected to fall 6\% this year and 3\% in 2021.

Will India’s real estate market hit $1 trillion by 2030?

While addressing a CII virtual meet, the housing secretary also pointed out that the Indian’s real estate market was estimated to touch $1 trillion by 2030, driven by rising demand and various reforms in the past seven years.

How will India’s urban population change impact the real estate market?

According to government estimates, around 88 crore people will be living in urban areas of India by 2051, as against the current 46 crores. This surge in urban population will create substantial demand for residential real estate development.

What will the housing market look like in 2021 and 2022?

Let’s look at the most recent trends and housing market predictions for 2021 and 2022. This year’s housing market has been exceptionally strong, with strong housing demand in virtually every region of the country. In the midst of this pandemic, the housing market has emerged as a boon for sellers and a cause of concern for buyers.

How much have property prices fallen in India’s biggest real estate market?

Property prices have also fallen in the Delhi-National Capital Region, India’s biggest real estate market. Sales tumbled to 25-30\% of the pre-Covid levels of January-March in Delhi-NCR, said Samir Jasuja, founder of PropEquity, a real estate analytics and research firm.

How much did property prices fall in Mumbai in May-June?

About 70\% of the projects in Mumbai saw prices fall in May and June, according to Propstack, a real estate data analytics platform that analysed registration data available for 275 projects. The majority of deals registered during the May-June period were locked prior to pre-Covid, Sandeep Reddy, co-founder at Propstack, told BloombergQuint.

How affordable is it to buy property in India?

Experts are of the view that property purchase in India is at its most affordable currently, considering that housing loans are available for interest rates as low as 6.65\%, while buyers also have a narrow window to avail of the benefits of the government’s PMAY credit-linked subsidy scheme.