Top reality developers may cut property rates about 15 percent to boost demand in the market. National Real Estate Development Council (NAREDCO) has asked all developers including DLF and Unitech to revise housing project rates to deal with fall in the market following global slowdown.
Last week, Union Finance Minister, P Chidambaram had asked reality majors to cut property rates to increase sale of property.
Real estate companies are likely to slash prices to boost demand in reality business. It is to be noted that Union Finance minister, P Chidambaram recently asked industry to slash prices so that the desired targets of industrial growth can be achieved.
Realtors seem to get the message and are expected to decide on price slash within few days. Real estate sector is facing tough situation amid ongoing world economic crisis. Home Buyers have declined in number as banks are offering home loans at high rates, which are not affordable for Indian working and business class.
The ongoing world economic crisis has widely impacted the real estate sector. The largest real estate company in India, DLF has announced various measures to cut costs and reduce unnecessary expenses. DLF would terminate services of some of company's employees and stop working on some of its projects.
Unitech and Parsvnath Developers also retrenched their staff last month in line with cost cutting drive due to global meltdown.
At the ongoing World Economic Forum-India Economic Summit, Arun Nanda, executive director (infrastructure development sector) of Mahindra and Mahindra, said, "Affordable housing market has a huge demand with consumers just sitting on the fence and waiting to get a clearer picture of the ongoing financial crisis.”
The Mahindra group has a wholly-owned subsidiary, Mahindra Lifespace Developers Ltd, operating in the infrastructure development segment.
Top reality developers may cut property rates about 15 percent to boost demand in the market. National Real Estate Development Council (NAREDCO) has asked all developers including DLF and Unitech to revise housing project rates to deal with fall in the market following global slowdown. 
Real estate companies are likely to slash prices to boost demand in reality business. It is to be noted that Union Finance minister, P Chidambaram recently asked industry to slash prices so that the desired targets of industrial growth can be achieved. 
The ongoing world economic crisis has widely impacted the real estate sector. The largest real estate company in India, DLF has announced various measures to cut costs and reduce unnecessary expenses. DLF would terminate services of some of company's employees and stop working on some of its projects. 
At the ongoing World Economic Forum-India Economic Summit, Arun Nanda, executive director (infrastructure development sector) of Mahindra and Mahindra, said, "Affordable housing market has a huge demand with consumers just sitting on the fence and waiting to get a clearer picture of the ongoing financial crisis.” 
Washington
