Falling house prices in India
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House prices in big Indian cities continued to fall during the first quarter of 2009, having begun to slide in 2008. Households are deferring purchases in anticipation of further price falls. Property developers are trying to entice buyers through price cuts and other incentives – usually to no avail.
In an April 2009 survey, a resounding 99% of residential property brokers in Delhi, Mumbai, Bangalore and Chennai agreed that prices had dropped in Q1 2009, up from 78% reporting price falls in Q4 2008, according to Edelweiss. Price falls of as much as 30% in Q4 2008 from the previous quarter were reported by Jones Lang LaSalle (JLL).
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