The demand for affordable properties is seeing a continuous upward trend in the Indian real estate market. However, homebuyers are expecting the property prices to decrease in the next 6 months.
This was revealed in the buyer sentiment survey jointly carried out by Magicbricks and IIM Bangalore in Pune, Noida, Mumbai, Kolkata, Hyderabad, Gurgaon, Delhi, Chennai, Bengaluru and Ahmedabad.
The Housing Sentiment Index (IIMB-Magicbricks HSI) forecasts that homebuyers expect real estate prices to drop in the period of next 6 months. Overall, the aggregate HSI (Housing Sentiment Index) measured across 10 cities dropped sharply by 29%.
As per the survey, soaring prices, circle/guidance rate and high inventory levels were some of the reasons for this sentiment.
The home consumer loans and EMIs are also expected to ease a bit with Reserve Bank of India cutting its key policy rate by 0.25%. The bank base rates are expected to be cut down by March and reduce the lending rates. The realtors expect the demand for affordable properties to go up with the change in the RBI repo rates.
Source: Economic Times