Despite anecdotal evidence of prices falling marginally in recent times, the fact remains that supply of apartments and built up plots in the developed areas of Mumbai and Delhi is scarce.
"New residential projects have slowed down. Only big developers are launching new projects. Buyers are also waiting whether prices will come down," adds ICICI's Sabharwal.
Speculators have exited many areas like Greater Noida, Kundli and even some parts of Gurgaon. JLLM Chairman Anuj Puri believes that investors, who comprise nearly 20 per cent of property buyers, are staying out after the stock market crash. "The absence of speculator interest has led to a 15 to 20 per cent correction in areas like Gurgaon and Noida," he said.
The scenario in Cyberabad
The southern city has seen a change in the nature of buyers. Where investors dominated before, more and more end-users are buying properties, says I Syam Prasad Reddy, managing director and chief executive officer, Indu Projects Ltd.
Image: Labourers work at the construction site of residential apartments on the ouskirts of Hyderabad.
Photograph: Noah Seelam/AFP/Getty Images
Also read: Mangalore: The new real estate boom town
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