The prices of 3 BHK apartments in three of the major metropolitan cities of India have dropped in the first quarter of 2016 due to the decrease in the sizes of homes. According to a survey, the cities that witnessed a dip in the ticket prices are Delhi-NCR, Bengaluru and Mumbai when compared with the last year’s statistics in March of first quarter.
While the overall prices of 3BHK’s in Delhi-NCR were dropped as much as Rs 17.8 Lakhs, Mumbai witnessed a dip as much as Rs 14.5 Lakhs. Bangalore was recorded the least drop in average prices of Rs 6.7 Lakhs. However, Hyderabad and Pune has shoot up its average ticket prices of 3BHK’s because of the increase in unit sizes.
According to the survey, we can find out that while prices dipped, the percent of launches has also increased in all the three cities. Delhi-NCR has witnessed the most launches with an increase of 12 percent than the previous year in Q1. While other two cities Bengaluru and Mumbai witnessed marginal increase.
The average sizes of 3BHK apartments decreased by 300 sq ft in Delhi-NCR. While Mumbai and Bengaluru witnessed a comparatively less decrease of 91 sq ft and 100 sq ft respectively.