Liases Foras reported that property sales across the country have fallen down.
Analyzing the realty market of all major cities, real estate market research firm Liases Foras reported that the property sales have fallen sharply.
The realty market research firm adds that the market is sluggish. The home sales have fallen sharply. This has added troubles to the developers who are already facing mounting-debts.
With the aim to improve property sales, some developers are reported to offer their new launches at lower prices. However this also has not improved the sentiments of the buyers.
The market remains still sluggish. Besides lowering the prices, some freebies and discounts are also offered by the developers. These too have failed to impact the sales.
As per the report of Liases Foras, Hyderabad, Bangalore and Pune are the top three cities which witnessed lowest property sales. The situation in other cities is also not anything different.
Though overall level there is a fall of property sales, some of the cities saw improving home sales. Improvement in sales was visible in Mumbai, Chennai and Delhi-NCR.
Among all the cities, Hyderabad faced the highest fall in sales. The city witnessed a fall by 46 percent.
Bangalore, facing a 16 percent decline, stood second. Pune holds the third lowest spot with a fall of 7 percent.
On the other end, prices soar in most of the cities. While prices in Bangalore rose by 6 percent, it was 3 percent in Mumbai. The sales in the city rose by a mere one percent.
In the first quarter of 2013 10.45 million square feet were sold in Mumbai. This is slightly above the 10.3 million square feet sales in the quarter-before.
Delhi-NCR and Chennai are other two cities which saw rising sales. Chennai saw rising sales by 36 percent. The rate of growth in Delhi is 24 percent. Pankaj Kapoor, managing director of Liases Foras said that price escalation has adversely affected the property sales in Bangalore and Pune.
