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New Indian Express

‘Sticker shock' jolt ousts home buyers

Absurdly high prices for residential property have got to a point where consumers are pushing back. Both home sales and fresh construction have taken a hit in the first 6 months of the current calendar, and the downward trend is likely to continue for some time. In what industry pundits are calling the 'sticker shock', first-time home buyers are flabbergasted by the high prices being quoted by builders. Preferring to withdraw from the market, some continue on rent; others lick their wounds and save their fight for another day. Sample these: The Aditya Birla Group's Niyaara project in Worli, Mumbai – three residential towers on land which was once Century Textile Mills – has priced two-bed apartments under 1,000 sq ft between Rs 6.5 and 10 crore. A broker's flyer sent to this writer quoted a Niyaarafour-bed,3,034 sq ft duplex flat at Rs 30.82 crore! Jasdan Heights, a Prestige Group project near Mahalaxmi, is pegging a three-bed apartment at Rs 8.5 crore. Effectively, these under-construction projects, cost an outrageous Rs 65,000 to Rs 1 lakh a square foot. Pune, which has a robust middle income residential property market, has recently been in the news for falling sales. From January to June this year, there were just 33,510 units sold – a 29 percent drop from the 44,135 units sold in the same January-June period of 2024. Calling it a 'sticker shock', Pune developer Rohit Gera likened it to going to buy a bottle of shampoo, but then walking away after seeing a price tag of Rs 1,200. Falling sales