In the recent Indian economic boom, the one sector which yielded maximum profits and gains were the realty sector. The prices of both lands and buildings were increased atrociously without keeping in mind stability and reasonability. Now during the times of economic slowdowns, the entire industry is slugging down.
The lands and apartments which have not been selling for the quoted price for several months have been reduced in price by about 20-25%. Buyers are expecting a further dip in prices and deciding to adopt a wait and watch policy. This along with the fact that banks are not readily giving home loans are having a huge decrease in the real estate buyer market thereby bringing down the sky high costs to more reasonable level.
As long as demand is low the prices should dip further but if the current economic situation does well in the future and demands once again rise, then the prices may not lower that much.
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