BENGALURU (Reuters) – Indian house prices will fall more sharply this year than expected just three months ago amid surging coronavirus cases which are hurting demand in an economy fighting its deepest recession on record, a Reuters poll showed.
Even before the pandemic struck, house prices had declined nearly 1% during the January-March period from the previous quarter, according to Reserve Bank of India data. That is with consumer inflation averaging 6.67% during that same period.
Most new housing projects are either unsold or delayed due to the coronavirus spreading in the country at the fastest rate in the world – causing massive job losses, pay cuts in almost every sector and migration of labour out of top-tier cities.
That gloomy job market was likely to hurt demand and already-slowing housing market activity, suggesting a recovery would not come any time soon, according to the Sept. 16-28 Reuters poll of