Real estate consultant CBRE, on Wednesday said home prices, having already fallen 20-30 percent, are unlikely to correct further even though the largest markets of Delhi-NCR and Mumbai are still reeling under slow demand.
Low consumer sentiment and higher prices have led to slowdown in Delhi-NCR and Mumbai, leading to 20-30 percent correction in these cities, leaving no scope for more corrections, the company said, adding since there is no fresh supply, the inventory will slowly get absorbed.
The affordable housing segment is doing very well following several policy announcement in this regard, it said, adding office/commercial segment is also bullish.
"We are seeing commercial/office space segment growing significantly. This year we expect this segment to grow even further," CBRE chairman and CEO for India, Southeast Asia, West Asia and Africa Anshuman Magazine said.
Logistics and warehousing segment has also witnessed growth since the implementation of GST, he said, adding growth of ecommerce has also been helpful.
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