Prices of resale apartments drop 10% to 25%
Chennai/Delhi: Madhusudan’s apartment in Velacherry, a southern suburb in Chennai was sold for Rs 88 lakh, when a similar sized one in another block inside the same complex was picked up for Rs 1.10 crore last November. Prices of resale properties across the country are down 10% to 25% as cash strapped owners, most of whom had picked up their second apartment as an investment, try and liquidate.
“Prices appear to have dropped mainly in the resale market, which was expected. The drop is anywhere between 12% to 15%,” said Anuj Puri, chairman of Anarock Property Consultants.
Agrees, Srinivas Anikipatti, senior director at Knight Frank, for Tamil Nadu and Kerala markets, “While there is not much of a fall in primary sales as developers are waiting to see how the post moratorium period is emerge, there is a definite decline in resale prices, in some cases by as much as 25%. There is huge mismatch in the asking and offer prices of the residential units in the India realty secondary markets resulting into far and few deals getting closed since the lockdown has been lifted on May 18, 2020.
Retail inflation based on consumer price index stood at 6.09% in the month of June, data released by govt on Monday showed. The last recorded CPI number came in March, at 5.84%. Retail inflation numbers for the month of April and May were not released by the government due to insufficient data collection in wake of the ongoing Covid-19 crisis.
