Mumbai: Real estate magnate Niranajan Hiranandani does not expect property prices, which have corrected by about 25% over the past year, to decline any further.

“(Property) rates have fallen by about 10-25% over the past year-and-a-half. I do not expect rates to fall any further. So, I think people should start buying homes now,” Hiranandani Constructions managing director Niranjan Hiranandani said on the sidelines of a conference here.

Describing ICICI Bank’s step to cut interest rates on new home loans by 0.50% as a “good move”, Hiranandani said demand for property had begun to pick up now.

“People do want homes. I think the SBI’s 8% interest rate and the ICICI Bank reducing home-loan rates is a good move. Demand for property has begun to pick up now,” he said.

The next three to six months would witness a further rise in demand by around 25%, he said.

However, it would take a “full year” for the residential segment to see a complete revival, he said, adding the sector should begin to perk-up after June.

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