Thursday, October 23, 2008
The slowdown in the real estate sector has forced developers in Mumbai to move cautiously. Several developers have cut down on work on their under-construction projects. Besides that, some developers have even postponed launch of new projects. To overcome such a situation, builders are just hoping and waiting for the real estate market to revive, said an insider. Currently, those developers that have large chunks of land for many years, and who have little exposure to banks, are in a comfortable position. The rest are finding the going tough while some who had purchased land at unrealistically high rates, are finding the noose tightening.