Residential real estate prices to drop by 30 per cent

In the aftermath of the demonetisation impact on the Indian real estate sector, market value of residential property of over Rs 8 lakh crore is expected to be wiped off in the next six to 12 months, according to research by PropEquity. According to the real estate data and analytics platform, residential real estate valuation in the top 42 cities in India, sold and unsold, will take a tumble and fall up to 30 per cent from Rs 3,955,044 crore by approximately Rs 802,874 crore to Rs 3,152,170 crore. The market value is of 4,942,637 units, which are built-up ready, under construction and currently launched properties, available and sold since 2008 for 42 cities. Maximum fall on total market valuation will be in Mumbai by Rs 200,330 crore, followed by Bengaluru by Rs 99,983 crore and Gurgaon by Rs 79,059 crore.