






{"id":8943,"date":"2020-08-06T15:12:31","date_gmt":"2020-08-06T08:12:31","guid":{"rendered":"https:\/\/www.asiapropertyawards.com\/?p=8943"},"modified":"2021-06-04T15:06:59","modified_gmt":"2021-06-04T08:06:59","slug":"8-major-property-market-in-india-average-prices-decline","status":"publish","type":"post","link":"https:\/\/www.asiapropertyawards.com\/en\/8-major-property-market-in-india-average-prices-decline\/","title":{"rendered":"Average property prices in 8 major Indian markets substantially decline, afflicted by COVID-19"},"content":{"rendered":"<p><span class=\"TextRun SCXW203680144 BCX0\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW203680144 BCX0\">In the first quarter of the year,\u00a0<\/span><\/span><span class=\"TextRun SCXW203680144 BCX0\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW203680144 BCX0\">the top\u00a0<\/span><\/span><span class=\"TextRun SCXW203680144 BCX0\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW203680144 BCX0\">eight\u00a0<\/span><\/span><span class=\"TextRun SCXW203680144 BCX0\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW203680144 BCX0\">areas including the National Capital Region\u00a0<\/span><\/span><span class=\"TextRun SCXW203680144 BCX0\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW203680144 BCX0\">saw<\/span><\/span><span class=\"TextRun SCXW203680144 BCX0\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW203680144 BCX0\">\u00a0<\/span><\/span><span class=\"TextRun SCXW203680144 BCX0\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW203680144 BCX0\">a 5.4 percent drop<\/span><\/span><\/p>\n<figure id=\"attachment_8944\" aria-describedby=\"caption-attachment-8944\" style=\"width: 1000px\" class=\"wp-caption aligncenter\"><img decoding=\"async\" class=\"size-full wp-image-8944\" src=\"https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2020\/08\/shutterstock_1138941260.jpg\" alt=\"\" width=\"1000\" height=\"667\" srcset=\"https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2020\/08\/shutterstock_1138941260.jpg 400w, https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2020\/08\/shutterstock_1138941260.jpg 600w, https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2020\/08\/shutterstock_1138941260.jpg 620w, https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2020\/08\/shutterstock_1138941260.jpg 190w, https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2020\/08\/shutterstock_1138941260.jpg 1000w\" sizes=\"(max-width: 1000px) 100vw, 1000px\" \/><figcaption id=\"caption-attachment-8944\" class=\"wp-caption-text\">Cityscape of Mumbai-Dadar. ToweringGoals\/Shutterstock<\/figcaption><\/figure>\n<p><span data-contrast=\"auto\">According to the news platform of the Economic Times<\/span><span data-contrast=\"auto\">\u00a0<\/span><a href=\"https:\/\/realty.economictimes.indiatimes.com\/news\/residential\/top-eight-property-markets-see-5-4-decline-in-q1-average-prices\/77233325\" target=\"_blank\" rel=\"noopener noreferrer\"><span data-contrast=\"none\">ETRealty<\/span><\/a><span data-contrast=\"auto\">,<\/span><span data-contrast=\"auto\">\u00a0the\u00a0<\/span><span data-contrast=\"auto\">COVID-19\u00a0<\/span><span data-contrast=\"auto\">outbreak, which resulted in consequent lockdowns and\u00a0<\/span><span data-contrast=\"auto\">international\u00a0<\/span><span data-contrast=\"auto\">economic distress<\/span><span data-contrast=\"auto\">\u00a0<\/span><span data-contrast=\"auto\">has prompted\u00a0<\/span><span data-contrast=\"auto\">India\u00a0<\/span><span data-contrast=\"auto\">to undergo<\/span><span data-contrast=\"auto\">\u00a0a property price correction.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Data released by Liases Foras Real Estate Rating &amp; Research uncovered that the top eight property markets in the country have gone through an average 5.4 percent d<\/span><span data-contrast=\"auto\">rop<\/span><span data-contrast=\"auto\">\u00a0in prices compared to a year before during the months of April to June.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559740&quot;:276}\">\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Consecutively, the weighted average prices in tier 1 cities\u00a0<\/span><span data-contrast=\"auto\">plummeted by four percent since the end of March. The National Capital Region endured a\u00a0<\/span><span data-contrast=\"auto\">maximum price decline of around nine percent, while\u00a0<\/span><span data-contrast=\"auto\">Mumbai Metropolitan Region,\u00a0<\/span><span data-contrast=\"auto\">Bengaluru, Pune and Chennai went through a four percent slump each.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">\u201cProperty prices have started to soften, as 44 per cent of projects are offering a discount ranging from five to 20 percent. With upcoming festive seasons, others will also have to follow suit because inventory overhang has crossed over 100 months due to impact on demand,\u201d said the managing director at Liases Foras Real Estate Rating &amp; Research Pankaj Kapoor.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">The median price correction consists of cash discounts, online booking discounts, stamp duty and goods &amp; services tax waiver, developers\u2019 quoted prices and several\u00a0<\/span><span data-contrast=\"auto\">other incentives.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559740&quot;:276}\">\u00a0<\/span><span data-contrast=\"auto\">To date, more than 6,046<\/span><span data-contrast=\"auto\">\u00a0<\/span><span data-contrast=\"auto\">projects out of the total 13,428 have offered these discounts across the market.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><a href=\"https:\/\/www.asiapropertyawards.com\/en\/indias-residential-sales-drop-to-decade-low-in-just-five-months\/\" target=\"_blank\" rel=\"noopener noreferrer\"><strong>More: India\u2019s residential sales drop to decade low in just five months<\/strong><\/a><\/p>\n<p><span data-contrast=\"auto\">In Mumbai Metropolitan Region, sales volume decreased\u00a0<\/span><span data-contrast=\"auto\">by 63 percent, whereas Navi Mumbai dipped by 85 percent and Panvel market by 73 percent. The unsold stock grew by five percent <\/span><span data-contrast=\"auto\">in each of the central suburbs, by three percent in extended western suburbs and by two percent in extended central suburbs.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">The National Capital Region, on the other hand, is considered as the worst-affected market since sales volumes tumbled significantly in every suburb, amounting to a 67<\/span><span data-contrast=\"auto\">\u00a0percent descent.\u00a0<\/span><span data-contrast=\"auto\">S<\/span><span data-contrast=\"auto\">ales dropped a maximum\u00a0<\/span><span data-contrast=\"auto\">of\u00a0<\/span><span data-contrast=\"auto\">85 percent<\/span><span data-contrast=\"auto\">\u00a0in Faridabad, 76 percent in Gurugram, 65 percent in Bhiwadi, 63 percent in Greater Noida, 60 percent in Ghaziabad and 45 percent in Noida.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559740&quot;:276}\">\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">As the real estate industry in these major cities ride out the dire impact of the pandemic,\u00a0<\/span><span data-contrast=\"auto\">we think<\/span><span data-contrast=\"auto\">\u00a0it\u2019s high time that we<\/span><span data-contrast=\"auto\">, the\u00a0PropertyGuru Asia Property Awards team,<\/span><span data-contrast=\"auto\">\u00a0<\/span><span data-contrast=\"auto\">finally\u00a0<\/span><span data-contrast=\"auto\">recognise their efforts in building high-quality developments across the country.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><i><span data-contrast=\"none\">If you k<\/span><\/i><i><span data-contrast=\"none\">now of any\u00a0<\/span><\/i><i><span data-contrast=\"none\">developers o<\/span><\/i><i><span data-contrast=\"none\">r real estate projects in\u00a0<\/span><\/i><i><span data-contrast=\"none\">India<\/span><\/i><i><span data-contrast=\"none\">\u00a0that deserve to receive our awards<\/span><\/i><i><span data-contrast=\"none\">? Nominate them for the\u00a0<\/span><\/i><i><span data-contrast=\"none\">1st<\/span><\/i><i><span data-contrast=\"none\">\u00a0<\/span><\/i><i><span data-contrast=\"none\">Asia\u00a0<\/span><\/i><i><span data-contrast=\"auto\">Property Awards<\/span><\/i><i><span data-contrast=\"auto\">\u00a0(India)<\/span><\/i><i><span data-contrast=\"none\">\u00a0on or before 2<\/span><\/i><i><span data-contrast=\"none\">8<\/span><\/i><i><span data-contrast=\"none\">\u00a0August 2020! Simply visit\u00a0<\/span><\/i><a href=\"https:\/\/www.asiapropertyawards.com\/en\/award\/asia-property-awards-india\/\"><i><span data-contrast=\"none\">asiapropertyawards.com\/en\/award\/asia-property-awards-india\/<\/span><\/i><\/a><i><span data-contrast=\"none\">\u00a0for more details<\/span><\/i><i><span data-contrast=\"none\">.<\/span><\/i><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In the first quarter of the year, the top eight areas including the National Capital Region saw a 5.4 percent drop <\/p>\n","protected":false},"author":9,"featured_media":20679,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[92,1],"tags":[216,528],"class_list":["post-8943","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-property-report","tag-india","tag-market-update","news_country-india","news_author-gynen-kyra-toriano"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Average property prices in 8 major Indian markets substantially decline, afflicted by COVID-19 | Asia Property Awards<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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