Residential real estate prices in Mumbai, Delhi and Kolkata remained stable in the April-June quarter, suggesting a mild upturn in buying sentiment after a slump that lasted six to nine months, says a report by real estate consulting firm Cushman & Wakefield.
While key Mumbai areas like Mahalaxmi, Worli, Lower Parel, Pawai, Andheri (W), Malad and Goregaon showed signs of recovery, realty prices in most segments in the Delhi --National Capital Region (NCR) remained flat, the report says.
The report said Gurgaon and Noida prices stabilised in April-June after a year-long slide.
An upsurge in the stock market is believed to have helped Mumbai’s realty demand, while in Delhi, lower-priced projects aided market stability.
Amid a general stabilisation, prices in plush New Delhi areas like Golf Links, Jor Bagh and Nizamuddin plunged 11 per cent over the past last six months as the prices were unsustainable in an economic downturn, said the report, which added badly hit Mumbai developers were expected to restrict supply in the short term.
“This is likely to result in stabilisation of capital value for both mid and high end housing. Some peripheral locations in Mumbai would emerging as hot spots due to affordable housing projects,” the report said.
In Kolktata, flexible and cheaper loan packages and interest from mid-segment buyers helped bring price stability.