JK News Today
NEW DELHI, November 24
According to an analysis, housing prices all across the country could drop by 30 per cent in next 12 months dealing a severe blow to builders who have sold their properties since 2008.
This is the net effect estimated on the housing prices across 42 cities in the country after the demonetisation of high-value notes, wiping out over Rs 8 lakh crore worth market value of residential properties sold and unsold by developers since 2008.
“In the aftermath of demonetisation impact on Indian real estate sector, market value of residential property of Rs 802,874 crore is expected to be wiped off in the next 6-12 months,” PropEquity said in a statement.
PE Analytics owns and operates PropEquity which is an online subscription based real estate data and analytics platform covering over 83,650 projects of 22,202 developers across over 42 cities in India.
“According to PropEquity research, residential real estate valuation in the top 42 cities in India, sold and unsold, will take a tumble and fall up to 30% from Rs 39,55,044 crore by approx Rs 8,02,874 crore to Rs 31,52,170 crore,” it added.
The market value is of 49,42,637 units, which are built-up ready, under construction and currently launched properties, available and sold since 2008 for 42 cities.