Indian residential market remains sluggish, say CBRE
According to CBRE residential demand in India during the review period of H2 2015 remained sluggish, with housing sales dipping by around 17% as compared to H1. Despite price movements remaining stable, home buyer demand remained low during the year due to existing high price points coupled with a cautious buyer sentiment.
On the other hand, housing sales in the leading southern cities during 2015 continued to be driven by demand from the growing IT/ITeS workforce in the region. Majority of the housing demand here remained concentrated in the high-end/mid-end segments, with limited transaction volumes noted in the premium/luxury segments.
For the second half of the year, the top three cities of Mumbai, Bangalore and Delhi National Capital Region (NCR) observed more than 65% of the total housing sales noted across the country’s leading cities. Hyderabad and Mumbai noted an uptick in housing sales during H2 2015, even as most other housing markets saw subdued sales. Sales in Mumbai increased due to a surge in demand across the city’s developing suburbs.
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