Property prices stable in 66% major localities in India: Report

New Delhi: Property prices remained stable or witnessed an increase in 66 per cent of the 750 major localities in the country during January-March 2018, compared to the corresponding period of 2017, a report said here on Tuesday.

“There was finally some silver lining for India’s real estate industry as 66 per cent of the 750 major localities in India witnessed price stability or increase between January-March 2017 and January-March 2018, but a cause of concern remains in the remaining 34 per cent where prices declined during the same period,” said the Magicbricks’ PropIndex (JFM, 2018).

Commenting on the findings Sudhir Pai, Magicbricks CEO, said: “The good news is that the National Price Index continues to move up, though marginally, for the third straight quarter.

“It was also heartening to see that in the crucial Rs 3,000-7,000 per square feet price bracket, which accounts for more than half of consumer preference and property listings, percentage of localities with price decline decreased to 31 per cent during 2017-2018 from 53 per cent levels during 2016-17.”

During the quarter ended March 2018, property prices declined in 34 per cent localities on a year-on-year basis, compared to the 56 per cent decline witnessed in January-March 2017, the report said, indicating some amount of recovery in the sector.

Region-wise, west India recovered the fastest with 60 per cent lesser localities witnessing price decline, followed by north India (31 per cent) and south India (25 per cent).