Realty prices in Mumbai fell by 2.4 percent in December followed by a minor drop of 0.9 percent in Delhi, an all-India property index showed.
According to the Makaan.com Property Index (MPI), although the overall drop was not significant, there is a ray of hope that the present trend in Mumbai and Delhi NCR might continue due to an inventory overhang.
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This is a welcome change for the home buyers who have been burdened by high property prices and home-loan interest rates.
"The real estate market in Mumbai and Delhi NCR is undergoing a small correction in property prices," said Aditya Verma, EVP and COO, Makaan.com, but cautioned that it was too early to say if this correction will continue.
"Overall, any correction would prove to be healthy and should be welcomed. It will encourage the fence-sitters to enter the market," he said.
The MPI covers property prices in major cities like Mumbai, Delhi and Ahmedabad. At the national level, property prices remained quite stable, registering a slight drop of 0.3 percent.
Neelalohith.Chitrapu@network18online.com
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