In Mumbai, the residential property prices per square foot remained unchanged in Q4-13 as compared to Q3-13, says 99acres.com Insite report. The financial capital of the country, which has always seen an uptick in capital prices; witnesses slower quarter on quarter growth due to factors like increase in inventory, slowing demand and rising interest rates. However, when compared annually (Q4-13 with Q4-12), prices have seen a double digit growth of 16 percent (Y-oY), it said.
99acres.com Insite is a quarterly report focusing on buying and rental price trends in residential real estate across seven major cities of India.
Rentals
Rentals of a three BHK house have also witnessed northward movement with 6 percent growth in Q4-13 as compared to Q3-13. However, on a yearly basis, (Q4-13 to Q4-12), there is no change in rental movement, the report added. According to property portal 99acres.com's report, muted economic activity in Mumbai is taking a toll with no change in rental prices. Worli Sea face has seen an increase of 4 percent while Malad east and Bandra West have seen a spike of just 1 percent.
Vineet Singh, Business Head 99acres.com belives that Mumbai's status quo as the financial city of India has ensured that capital prices in the region have stayed above normal. "The past few months have seen a steady decline in transactions both in primary and secondary market due to rising prices. Also, coupled with protracted construction time, there is a delay in the delivery of projects which has eschewed the price stability in the region. The city is expected to see a price correction over a period of a year to ensure the equilibrium of demand and supply in real estate," he added.
Also Read: Private equity inflow in realty sector up 13% to Rs 7000cr
Price trends in other metros
Delhi –NCR region has seen a decline of 2 percent while Bangalore has seen no change in capital prices. In terms of rentals, Delhi-NCR region has seen a downward trend with a decline of 7 percent while Bangalore has witnessed a 4 percent increase in rents in Q4-13 as compared to Q4-12.
Price Analysis
Property prices in Mumbai have historically been high, however the capital prices in Mumbai region have stabilised in the past year. Key localities in Mumbai like Worli, Breach Candy, and Mahim (West) have seen an increase of only 2 percent in Q4-13 as compared to Q3-13, the report said.
Slackened demand for real estate, high costs of borrowing and rising inventory of projects by real estate developers led to decline in transactions for the Indian realty sector in 2013. Delay in construction of projects also added to the overall costs. These factors led to a slowdown in real estate market in the last quarter of 2013.
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