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News & Views on Indian Real Estate

Monday, August 11, 2008

Builders’ Meeting to discuss Realty Slump

Looking at the softening real estate market, the Maharashtra Chamber of Housing Industry (MCHI), a powerful builders' pressure group, has called its members for a meeting next week to discuss steps to boost sales. "Prospective home buyers are not buying as they are waiting for interest rates to drop and property prices to correct. Genuine developers share a similar view but with the government not reining in the high labour, steel and cement cost, the builders are left to wonder how they could reduce prices to attract purchasers?" said Mr. Pravin Doshi, MCHI President. He added that in the meeting, apart from issues like prices of construction materials and interest rates, they will discuss various methods one could use to reduce the cost of construction.

Anonymous said...

these builders have made tons of money last 3 years by hoarding property and charging atrocious prices to the flat buyers..So why should they now ask for support..They should cut prices and bring housing to more affordablelevel instead of blaming everything on interest rates and construction costs..There has to be some end to this hoarding..

Vikas Bamotra said...

Realty slowdown is delaying delivery of homes. Several developers have postponed execution of their housing projects as funds become scarce, demand softens and raw material prices rise. While some others are deliberately delaying projects in order to reduce supply as demand weakens.

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