Correction in housing prices on the cards, says global property consultants CBRE South Asia.
Anshuman Magazine, CMD, CBRE South Asia, said residential market of leading cities are expected to see price rationalisation in coming quarters.
Demand for housing across leading cities remained subdued in the first half of 2014. Owing to high pricing and lending rates, buyer preference remained focused on secondary and emerging markets of leading cities; while developers began to offer discounts to boost sales ahead of the festive season.
This general slackness in housing sales has been primarily triggered by the Affordability Index going down in certain cities; although home buyers have been investing in markets that they perceive to be offering value for the product, as well as the preferred location.