News & Views on Indian Real Estate

Wednesday, October 29, 2008

Global Crisis Affects Real Estate In Bangalore

The global meltdown seems to have hit the Indian realty business severely, especially in Bangalore. Uncertainty in the Indian equity market and speculation over property prices have put the developers in a depressing situation. More than 450 flats in Bangalore’s outskirts are still vacant despite advertisements and other promotion campaigns. Bangalore-based small developers are the worst hit, as their properties have not been sold in the past six months. The situation is pretty much same with many top line builders of the city, though many don’t want to express it in order to maintain their brand equity. The only hope for developers is the possible fall in interest rates on home loans, which has been assured by the Prime Minister and Finance Minister recently after the repo rate cut by the Reserve Bank of India (RBI). United Bank of India and Punjab National Bank have already decided to bring down the interest rates. However, other leading banks are yet to provide the good news to this effect.

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