Home buyers expect prices to fall in the next 6 months as indicated by housing sentiment index that fell by 20 per cent during July-September compared to the previous quarter, according to a survey by Indian Institute of Management Bangalore and property portal Magicbricks.
The Housing Sentiment Index (HSI), jointly developed by IIM-Bangalore & MagicBricks, is based on an online survey of prospective home buyers in eight major cities of India – Delhi, Noida, Gurgaon, Mumbai, Chennai, Hyderabad, Pune and Bangalore.
“Home buyers across the nation expect real estate prices to fall over the next six months. The aggregate Housing Sentiment Index (HSI) dropped to 93 from 117 in the previous quarter, a decline of over 20 per cent,” IIMB and Magicbricks, which is part of Times of India Group, said in a statement.
A HSI of 100 suggests that buyers expect prices to remain at current levels, while values lower (greater) than 100 suggest that buyers expect prices to fall (rise).
“An aggregate HSI score of 93 for the 8 cities surveyed indicates expectation of a price fall over the next 6 months. The index fell from 117 last quarter, which indicates a shift in sentiment among prospective home buyers,” it added.
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