Land Prices Going Down in Major Indian Cities

As per some reports, land prices in Gurgaon, Noida, Mumbai Suburbs, Bangalore and Hyderabad facing corrections of upto 25% as real estate developers are slowing down their land buying drive. Low sales and scarce availability of credit at higher cost is prompting property developers to end the rush to acquire land. Some developers are even backing out of land purchase deals which were agreed upon as the slowdown hit the realty sector.

Land prices came down by up to 25% in Mumbai Suburbs, including Thane and Belapur, and some areas of Hyderabad and Bangalore, as per a report by property consultancy company Knight Frank India. Prices in NCR, with an exception of Faridabad and Delhi, are witnessing similar corrections and transaction volumes are getting lowered. Land prices in Faridabad have risen 10-30% in the past few months. But cities like Faridabad are catching up with its neighbouring locations. The prices in Faridabad are still lower than in Gurgaon or Noida and the current price rise is more towards building a parity with them. As expected, land prices in Delhi are almost stable.