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.