Real Estate Prices In India: Spiraling Down And Down
Not an year ago every person involved at the service side of real estate was laughing all the way to banks. But situation as of now has just turned turtle much to the relief of the buyers or property seekers. This is due to the huge deescalation in the prices owing to the recession effect.
The real estate pricing in India saw a significant growth in the early ninetys when the then finance minister Mr. Manmohan Sigh threw the door open of the Indian economy. That period saw lots of influx of MNCs and hence the demand started outnumbering the supply. In came the basic theory of Demand and Supply of Economics and it was all a saga of growth and only growth of Real Estate in India. With the India economy growing at a robust pace with the GDP growth rate of near 9 in 2006 and 2007 the real estate prices in India took a giant leap and prices of office space plots and residential apartments were skyrocketing. This contributed much to the chagrin of Indian middle class who felt as if they would never be able to purchase a flat or a plot.
But every zenith they say has a nadir and just about the time everything was looking rosy the world economy started to slip. Sparked off by the Sub Prime crisis the world woke up late to be found in the clutches of a lurking recession. And the worst hit sector was real estate. In fact it was the real estate sector that had to face the entire brunt of the recession in its juvenile stage.
A fear of the shakiness in job and the never ending wait to get the property at the minimal price lead to the imbalance of Demand and Supply this time the supply exceeded demand. The desperation of realtors can now be seen in the falling of real estate prices in India. In various circumstances the rate has fallen as much as 40. It can not be any better time than now to start investing to really pounce upon the dwindling real estate prices in India.
About the writer: Ankita Tyagi is expert content writer on real estate and property in India. For more details on NCR commercial property and residential property India visit: NextGenProperty.co.in
Related posts:
