48% home buyers expect up to 5% price fall

Consumer sentiments seem to be the crux of all discussions. With the forthcoming Budget 2017, on February 1, industry experts and the other stakeholders of the market have started voicing their wish list and predicting the outcomes which will severely impact the buying capacity of the consumers.
Consumers have been postponing their decision to purchase a house for some time.The last part of the year 2016 was hit by the government led demonetisation, which curtailed cash flow amongst people. However, once the initial dust of demonetization settled down, industry experts actually asked the white-collared buyers to go ahead and make the purchase.
This segment of buyers mostly have accounted money and therefore do not need to worry about transactions. Since the sellers were pressured, the time seemed right as buyers could negotiate better on prices.
Both the developers, seller community and buyers have pinned their hopes on Budget 2017 to make the real estate market fluid again. The Budget is important as consumer demand is at its peak if favourable measures get introduced.
According to Magicbricks survey, over 60 per cent respondents of the survey - ‘Demonetization impacts home buying’, have been waiting for the market to get some clarity before making an investment.
By- Namrata Ekka