Tighter liquidity dips home prices in metro cities

The vision of owning a house is slowly getting clearer for buyers as residential real estate prices are beginning to see the promised correction on the back of hardening interest rates and poor transaction volumes.

Real estate services firm Jones Lang LaSalle India (JLL) says newly-launched residential projects are recording an average 15% lower prices, especially in Delhi and Mumbai markets witnessing oversupply in many pockets.

The higher the prices, more the correction, with Gurgaon, Greater Noida, Navi Mumbai and Bangalore as prime examples, where prices jumped 30-35% last year.