India, March 13 -- Demand for residential property declined to the lowest since 2023 and agreed sales turned negative and house prices logged a subdued growth in February as the stamp duty deadline approaches, the Royal Institution of Chartered Surveyors, or RICS, said on Thursday.
Buyer demand weakened in February with the balance falling to -14 percent from -1 percent in January. This was the weakest result since November 2023.
The survey respondents cited that the oncoming changes to Stamp Duty starting April 1, where the threshold will reduce to GBP 125,000 from GBP 250,000, is expected to weaken market activity. This is increasingly influencing the slowdown as deadline approaches, RICS said.
Moreover, geopolitical and global economi...