Realty developers' body, Credai, on Tuesday said the property prices will only go up from here on increased demand, though the pace of appreciation will be slow.
"Real estate prices have bottomed out and there is hardly any chance of them going down from here. Prices will only go up, though the pace of appreciation will be slow," G P Savlani, resident director, Credai, told PTI.
Savlani said that a positive sentiment has started to come back to the real estate sector after a long lull as the buyers are no longer holding their purchase decisions.
"Genuine buyers are coming out and showing interests to buy after waiting for long expecting the prices to come down further. They are not holding back their decisions to buy," he said.
Financial institutions are also coming forward and no longer consider the real estate sector as a taboo area, he said.
The coming back of the buyers in the market and the banks willingness to lend to both the developers and the buyers have provide the much-needed breathe to the real estate developers to complete the unfinished developments, Savlani said.
"As a result, prices are stabilising now," he said. Savlani said that overseas private equity players are also coming forward and looking for good projects for investment.
