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Economic determinants of real estate prices in India: A few unanswered riddles Bhattacharjee Sudarshan* *Economist, Central Bank of India, India. welfarethoughts@gmail.com Online published on 16 August, 2018. Abstract The present study tries to find out how much of the price variations in the housing sector in major Indian cities are explained by economic factors. The research focuses its attention to analyse how different macro-finance parameters affect house prices in different cities differently. It also tries to find if there is any common factor that influences house prices across all the major cities in India given different dynamics of each of the cities. It finds that house price is mostly linked to inflation, industrial production and equity index in most of the cities of India under study. Interest rate does not impact dwelling prices of many of the selected cities in India despite huge chunk of middle income population. Real estate prices in India are affected by factors other than economic in nature such as cartels, inflow of black money and other supply side bottlenecks. The study recommends notification of Real Estate (Regulation and Development) Act, 2016 to protect buyers. Competition Commission of India should take more suomoto cases to investigate anti-competitive practices in the housing sector. Government should provide affordable housing to lower and middle income group people. Top Keywords House price, nifty50, industrial production, mortgages, inflation, cartels. Top | |
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