Property rates in top eight Indian cities have fallen

If you are looking to invest in real estate or buying property for personal use, now could be the best time to do so. The reason, you ask, is the sharp dip in property prices across top eight Indian cities last year.

Also read: Where is India buying its property?

Global property consultant Cushman & Wakefield has brought out a report, which says that the ticket size of new launches across top eight Indian cities has seen an average decline of 14% y-o-y. There could also be some changes in the prices of new units this year, owing to developers considering either lower effective ownership costs or enhanced affordability for buyers.

Also read: How Demonetisation crippled India's real estate sector and the difficult job in front of Budget 2017

"After demonetisation, the markets have witnessed a slow uptake of residential properties because of price and value mismatch. Consequently, developers are also relooking at their strategies to create better value for home buyers," Anshul Jain, MD at Cushman & Wakefield India, told ET.

Statistically speaking, the total number of new housing units last year declined by 11% to reach about 113,000 units. The middle-income housing segment constitutes for 56% of this number, followed by value housing at 32%. The high-end segment, on the other hand, suffered the most by demonetization, and the number of new launches fell by half to reach 12,000 units.

Also read: Here's why property is going to be a lot cheaper after demonetisation

In already launched projects with unsold units, heavy discounts and other funding plans are being offered so that buyers can be attracted and there can be some movement in the otherwise still projects.

(Image source: Lionel Trains)