Indian Property Rates may come down due to 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.

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.

Confederation of Real Estate Developers Association of India, asked the 3,500 developer members to revise price structure on the basis of market value. Chairman of CREDAI, Kumar Gera said that the body has conveyed the message of price cut to developers to push demand. He also requested banks to revise home loan rates to tackle the slump in reality business.

Meanwhile, banks are also pulling developers for not clearing their dues and warned of property seizure in case on non-payments.

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