New home sales down 25 per cent

According to real-estate brokerage Knight Frank, new home sales in India fell as much as 25 per cent after prices reached a record high earlier in 2010. These are expected to recover only after a few months following an increase in the interest rate. The first half of 2011 will be damp for home sales and prices. It also sees a 5 per cent correction in prices through incentives given by builders. In Mumbai, home registrations fell to their lowest in 20 months in November 2010; while property prices have climbed between 30 per cent and 70 per cent across India. Contact: Knight Frank India. Tel: 022-6745 0101. Website: www.knightfrank.co.in