Real estate may turn around in India in 2017: Report

New Delhi: Real estate in India may see a strong turnaround in 2017, as 55 percent of 750 localities across 14 major cities witnessed price increment of 2.8 percent, a report released on Wednesday said.

The price increment in the lower-mid and affordable segments, which comprise 65 percent of these localities, signals the return of consumer interests and transactional activity.

Magicbricks PropIndex, the quarterly report, revealed a positive April-June 2017 quarter for the realty market.

"There is finally something to cheer for... The fact that 55 percent of the localities witnessed an average price increment of 2.8 percent reflects that we are looking forward to a turnaround in India`s realty market," said Sudhir Pai, CEO, Magicbricks.

While 55 percent localities in affordable segment had price increment, it was 56 percent in the lower-mid segment.

Of the 14 cities covered, nine had average price increment across 60 percent localities in lower-mid segment, the report said.

This certainly augurs well for the real estate industry, Pai said.