Anuj Puri, Chairman – ANAROCK Property Consultants
Buying a house is an important milestone and a lifetime decision for most Indians. After years of saving and diligent planning, one decides to purchase a house.
In addition to the increased social stature and financial security implied in home-ownership, a home purchase also helps in big-time tax savings. Also, instead of paying fat rentals, one creates an asset which will appreciate over the long term.
A cursory look at average property prices reveals that overall across the top 7 cities, there isn’t too much variation in 2017 as compared to the previous year.
Also, property prices differ in each city and also vary as per the location and its inherent growth drivers. Generally, developers are not in favour of visibly reducing the prices as it transmits negative sentiments in the market.
However, a deep-dive assessment of the market conditions reveals that a pseudo-price correction has come in the form of freebies, discounts, offers, schemes, etc. Also, buyers who sit across the table in a developer’s office with a token amount cheque, discounts and reduced prices are surely offered.