As the National Housing Bank (NHB) rightly noted recently, in most of Indian cities prices of new homes are expected to come down. Nearly five lakh apartments are expected to be delivered by builders this year, say reports. So, if you have been waiting to buy a home, this could be the right time for some bargain hunting. As per the NHB Residential Housing Index Residex, 22 of the 26 cities in India have seen a decline in home prices between 1 per cent and 5 per cent in the April to June quarter.
After a painful wait of over six years, about five lakh families in urban India are likely to get possession of new homes this year. Property research firms Liases Foras and PropEquity as well as property consultancy CB Richard Ellis (CBRE) estimate that 4.5-5 lakh homes will be ready for delivery in 2013, the highest in a single year.