Housing prices dip 2-9 pc across 8 major cities in Apr: Report

Housing prices have declined 2-9 per cent across eight cities in April due to the nationwide lockdown which affected the demand badly, according to real estate portal Magicbricks.

The decrease has been recorded against the price levels of the previous month.

Magicbricks.com is owned by Magicbricks Realty Services, which is a subsidiary of Times Internet, the digital arm of the Times of India Group.

In its latest report, Magicbricks has analysed the price changes within the month of lockdown and observed that "the prices have decreased by 2-9 per cent across cities".

Eight Tier-I cities witnessed an average price decline of around 4 per cent during the lockdown (March 15 to April 15), it added.

The prices are of primary and secondary markets being quoted by the sellers on its website.

"Magicbricks research analysis suggests that prices have rationalised in most of the cities and reached the same level as they were one year back," the report said.

As per the data, prices declined 9 per cent in Hyderabad, 5 per cent in Bengaluru, 4 per cent each in Kolkata and Chennai, 3 per cent in Delhi-NCR, and 2 per cent each in Mumbai and Pune.

Magicbricks 'COVID-19 Property Buyer Sentiment Survey' found out that one out of three home buyers want to drop or keep on hold their property buying decision.

However, a large majority of 67 per cent are still planning to go ahead with their investment although with a reduced budget, it said.