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News18 » Videos » News18 Shorts

Repo rate impact: Property prices likely to plummet

Jun 27, 2008 01:13 AM IST Business Business
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New Delhi: With the Reserve Bank of India raising repo rates to 8.5 per cent, people can expect a downturn in property prices. Experts predict a further slide of 5 to10 per cent in prices over the next quarter. 'If the sentiment remains the same and the mortgage rates go up, the demand as well as prices are likely to dip,'' chairman and MD, CB Richard Ellis, Anshuman Magazine said. A drop in demand could force property developers to bring down to prices in order to minimise damage. Many builders, especially in Mumbai, are now offering discounts to attract buyers. ''If you have a good location, some money and a good developer, then you must buy now and not wait,'' COO, Parsvnath Developers, B P Dhaka advises. Residential property prices have gone down by 15 to 20 per cent in the past few months across the country. For consumers, this may be a good time to buy a property but here’s a cavear: bearing that loan may just become tougher. An informed decision may help you clinch a good real estate deal that is facing a price correction in several parts of the country. Also, the options to move to tier II, tier III cities, can also be considered. According to experts property prices will go down in these cities even more as compared to the metros.

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