Home Prices on the Rise Ahead of Festive Season Demand
Residential property prices are predicted to increase as the festive season approaches.
Expert Opinions
Mr. Niranjan Hiranandani, MD of Hiranandani Group, expressed caution, stating, "It is not very wise to increase prices drastically now." He further elaborated, "The market has just recovered and buyers are returning back."
Supply and Demand Dynamics
The supply of new homes has dropped significantly due to a 45% decline in new projects in tier-I cities, which may lead to higher prices.
Sales Performance and Projections
Mr. Abhisheck Lodha, director of Lodha Developers, reported robust sales figures. "We have sold around 2.5 million square feet in the last quarter and are expecting to sell over 1.5 million square feet during the last quarter of this year," he said. Lodha added, "Normally, the festive season is when there are a lot of bookings in the real estate sector."