Property prices tumble across most Indian cities: Knight Frank report

Not so long ago, a home seeker used to perspire a lot looking out for a residence. But not any more. Real estate across India’s top eight cities has become more affordable with property prices correcting and interest rates falling to multi-decade lows.

Prices of residential properties have fallen between 1 and 9 per cent across most of the top eight cities in the last one year. The fall that is much cheeper when compared to that oif  2016 ranges between 16 and 19 per cent, according to the latest findings of Knight Frank India for the months between July and December 2020.

The sharpest correction of 19 per cent has come in Chennai followed by Pune where prices have corrected by 17 per cent in the last four years. Mumbai, the most expensive real estate market in India has also seen a sharp fall of 16 per cent in residential prices. Bengaluru which has traditionally been an end-user driven market has seen a minor increase of 2 per cent in these last four years. However, NCR continues to hold on to its prices and has seen no correction in the last four years.