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Housing prices could fall by up to 20 per cent in Mumbai and Delhi-NCR sooner than expected if RBI raises key rates in its upcoming monetary policy review, says a report by property consultant Jones Lang LaSalle.

“An increase in lending rates is almost inevitable, considering the high need to curb inflation,” JLL India Chief Executive Officer (Business) Sanjay Dutt said.

He pointed out that any increase in policy rates by RBI would affect the sentiments of the property market and housing prices, which were expected to correct in the next 6-8 months in Delhi-NCR and Mumbai, could decline within six months.

“RBI raising its lending rates will add to the stress already building up and hasten the inevitable correction of at least 15-20 per cent in the pricing of residential properties in the overheated central areas of these cities (Delhi-NCR and Mumbai).

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