Home sales across major Indian cities continue to plummet despite developers offering incentives, with Hyderabad experiencing the steepest decline of 46%.
Mumbai's residential property prices have increased by 2.9% to Rs. 11,626 per sq. ft. However, property sales have slowed down, with only a marginal increase of 1%.
New project launches in Mumbai have significantly declined in Q1 2013 compared to Q4 2012, attributed to weak home sales and cautious developer strategies.
India's residential market nearing price correction due to weak home sales, forcing builders to cut prices, reports CBRE, with Mumbai, Chennai, Hyderabad, and Delhi experiencing significant sales drops.
Real estate builders are turning to online reputation management systems to address negative comments from home buyers on social media due to project delays.
Industry experts Pranay Vakil and Pankaj Kapoor discussed real estate trends, issues, and consequences at Moneylife Foundation's event on May 5. They highlighted the need for rental housing, infrastructure, and regulation.
Facility management in India has matured significantly since the 1990s, driven by demand from the IT and BPO sectors, emphasizing the need for professional services.