Home sales in India fall to seven-year low: report

Home sales in India fall to seven-year low: report

Home sales in India hit a seven-year low last year, as the market was hit by the effects of the government’s demonetisation move.

According to a report by Property consultant Knight Frank, India’s residential sector has shrunk to a fraction of its size in less than a decade.

“For the first time in this decade, the Mumbai market has experienced a drop in residential prices. Unlike the conventional narrative, developers cut down prices to offload their unsold inventory,” the report said.

The survey was conducted across eight major cities – Mumbai, National Capital Region (NCR), Pune, Bengaluru, Chennai, Hyderabad, Kolkata and Ahmedabad. 

Our India correspondent Rebecca Bundhun reports
      

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