Time to buy, as ownership cost has reduced substantially

Anirudha Taparia, Executive Director, IIFL Wealth and Asset Management

Property prices have already softened with 25-30% correction in high-end markets like Mumbai. The fall in prices has been triggered mainly by the resale market. Primary prices have not witnessed much correction. The affordable categories and places like Bengaluru have shown more resilience.

There is opportunistic activity as buyers with adequate liquidity are considering investments. The cost of ownership is perhaps lowest in a decade and EMIs have come down to almost ₹700 per lakh from ₹1,000 per lakh.

It is a good time to buy residential property. People may postpone buying right now but as the situation stabilizes, we expect renewed interest in residential property.

With work from home becoming popular, some may now opt to settle away from their offices in a relatively larger house.

We are seeing price correction after a prolonged period of range-bound movement. Most of the fall in prices has already taken place and some places may see a minor downside.