It’s very sensitive topic for everyone, buyer, seller, financier, & revenue officials.
Indian market has gone through multiple challenges during last few years. With every challenge, there is expectation of prices getting corrected. Is there any scope left for that, I don’t think so.
Like any other industry, rather than external challenges, pricing is all about local micro market’s demand & supply. If there has been over supply, the prices have been corrected in the micro market long back.
Ultra-luxury segment, buyers of this segment very well understand the value of the entire proposition. They understand value of living with like minded families in gated community at right location. They are immune to the fluctuations & understand the long term value of home.
The real estate sector, considering all the costs, doesn’t have any scope of further downward correction. Further correction means that project will not be getting over. So, it’s time to be realistic & understand that prices can’t get further corrected. Reduced number of developers will increase prices. The only gimmick can be reduced flat size to show price correction.
We need to advice everyone about same rather than giving false hope, which may harm buyer & industry in long term.