[INDIA REAL ESTATE NEWS] Good morning everyone I am Rumi Dhar from Kama Group.|
Here I have important INDIA real estate news to share with you which is as mention under.
Bengaluru: With the easing of the economy due to the gradual process of unlocking, the
residential real estate market of Bengaluru has scaled back to normalcy as searches for
property grew by 47% in the July–September quarter after witnessing a fall of 14% during
the April-June quarter amid COVID lockdown, reports the latest Magicbricks PropIndex
Report for the July-September 2020 quarter.
A clear demand shift towards affordable housing was witnessed during the September ending
quarter, as searches increased for properties costing less than Rs.5,000/ sqft. However, home
buyers are retaining size preference but reducing budgets to move to the periphery regions
as revealed by the Magicbricks PropIndex Report.
Interestingly, the decline was witnessed in the sub-Rs.7000/sqft price buckets. Under
Construction properties continued to be sluggish and posted a 1.5% price dip in Q3 2020.
Overall price decline arrested to just 0.5% in Q3 2020 post the onset of unlock process.
Sudhir Pai, CEO, Magicbricks, said, “The next 6-8 months are crucial for the revival of
residential sector. The onset of the pandemic and the ensuing lockdown have changed
consumer preferences. Today, the shift is towards affordability as home buyers have
reduced their budget but they haven’t changed their preference in terms of BHK or size,
they are moving towards the peripheral regions. With the festive season just around the
corner, we are witnessing a sharp recovery in demand and prices have ..
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