MUMBAI : India's real estate market is likely to see a significant price correction for the first time in a decade as the coronavirus pandemic stalls businesses across the country, according to a half-dozen industry insiders. "Property prices may come down by 10-20% across geographies, while land prices could see an even higher reduction of 30%," said Pankaj Kapoor, chief executive of real estate consultancy firm Liases Foras, adding there hasn't been such a correction since the global financial crisis.
Since then, prices in most markets have held steady despite lending and shadow banking crises. In the last year, things had taken a turn for worse because of a liquidity crunch at shadow banks - which are big lenders to both developers and