Home sales across India’s eight prime residential markets in the January-March period fell 19% over last year, as rising property prices and slowing growth forced buyers to exercise caution, according to a report by Proptiger.com, part of REA India. New home supply also dropped 10% in the first quarter of the calendar year, as developers adjusted expectations amid a price appreciation of the past couple of years, which made housing unaffordable for a large section of buyers in the world’s most populous country. The huge spike in prices had already started to show its adverse impact on sales. With a global trade war now bringing new uncertainty, it is only natural for buyers to adopt a cautious approach to investment, particularly in something so big as real estate,” said Dhruv Agarwala, Group Chief Executive Officer. Most urban Indians rely on housing loans to make a house purchase. Repo rate is the benchmark that determines the interest they would pay on this credit. A downward change in this rate is a certain measure to boost buyer confidence. According to the report, less than 100,000 residential units were sold in the January-March quarter, with most cities covered in the analysis showing a fall in numbers. While Bengaluru and Chennai bucked this trend, Hyderabad, MMR and Pune witnessed the sharpest sales drop. Signs of a market correction were also visible through a dip in new supply, with five of the eight cities showing an annual decline in launches. Pune, Hyderabad and Ahmedabadregistered the sharpest fall in numbers, the report showed. 
 

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