'57% home buyers think property prices will rise in next 12 months'

Last Updated: Wed, Jun 26, 2019 10:58 hrs
Construction (AP photo)

New Delhi: Around 57 per cent home buyers in the country feel that property prices will rise in the next 12 months, according to a report.

In its consumer survey report, real estate consultancy firm '360 Realtors' said that property prices are likely to remain moderate for the next six months and rise thereafter. The survey was conducted with 3,000 home buyers in the country, it said.

"On being asked whether property prices will increase in the next 12 months, around 57 per cent (home buyers) responded in affirmation. On further probing on the magnitude of price change, around 19 per cent of the respondents believe that average property prices might increase by 2-5 per cent in the next 12 months," the report said.

"The price growth will be moderate and it might not be very feasible to believe a steep hike in prices. The nature of the market will also be buyers' driven with limited scope for developers to manoeuvre," it added.

The report also said that a stable property price with no or minimal change also seems to be a plausible scenario. Amidst large piles of unsold inventory, the key focus will be towards turning around the inventory.

The developers will continue to introduce exciting offers and discounts to incentivise property purchase, it said.