Housing Sales are estimated to rise this year to 1.92 lakh units in India’s top seven cities on expectations of a cut in Interest Rate and Stable Prices, according to property gurus in India. There was a fall in Housing Sales dropped to 1.75 Lakh units in the primary markets of seven major cities in 2014 as compared to 2 Lakh units in its previous financial year.
There had been a great mismatch in Demand and Supply chain and the prices of property have reached to its saturation point in few localities. This has been a major challenge for Developers in these areas as they have to keep the prices tight to meet their competitors as well.
Seven major cities are Delhi-NCR, Mumbai, Chennai, Kolkata, Bangalore, Hyderabad and Pune would benefit the most as 2015 will see home buyers capitalising from the current scenario of reducing borrowing rates, increased developers focus on affordable homes, largely stable prices and better job or income prospects.
Coming time can be seen as good time for real estate sector as the borrowing rates are sure to go down from the current levels and economic activity is gradually picking up. With a more consistency in property prices and better deals being offered by developers in order to clear their inventories, the home buyers that have been waiting for suitable time is here to encourage them to go ahead and buy.
Developers have now shifted their focus on affordable homes, this would act as bridge between the existing wide gap between the demand and supply mismatch of affordable homes. Developers have now become more earnest about the right size at right price that offers a customer better opportunity.
Smart, Better Designed and More Efficient Homes will define the residential real estate market in 2015 and with better product evaluation would help bring down some over-priced cities will help bring about faster sales for stagnated supply of larger configurations. There is a prediction of townships would be more popular while Luxury or High End products would moderate to align to slow demand.