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Want to buy a home? Better wait for now!

November 12, 2008

With more price cuts likely, it is advisable to hold out a little more before investing in property.

Average capital values in posh South Mumbai have come down from around Rs 1 lakh (Rs 100,000) per sq. ft, last year, to around Rs 65,000 per sq. ft now.

Sales have been down, especially since January this year.

According to a Pan-India Property Brokers' Poll by broking firm Edelweiss Securities, over 90 per cent of brokers have seen a drop in transactions over the past one month; almost 80 per cent of brokers have witnessed a reduction in enquiries over the past month; 70 per cent of brokers expect price trends to be flat or negative over the next three months.

Pankaj Anup Toppo, Outlook Money

Image: A view showing skyscrapers in South Mumbai. | Photograph: AFP/Getty Images

Also read: The success story of Michael Dell

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