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News & Views on Indian Real Estate

Wednesday, October 29, 2008

No Festivities For The Realty Market This Festival Season


Nothing seems to be going right for Delhi's realty market this festival season. Even discounts and freebies have failed to tide over sluggish sales. The global financial crisis has resulted in a severe credit squeeze, leaving aspiring home buyers with unaffordable rates on mortgages and expectations that property prices might fall significantly in the coming months. "Builders are offering big discounts but buyers are not relenting," said Mr. Suresh Dalal, a real estate agent. Free or subsidized clubhouse memberships, cars or other lifestyle accessories like air-conditioners, enhanced security features, reduction for waiver on premium of floor-rise, free car parking slots and complimentary school buses, are some of the other things being offered by builders. Still, buyers are determined to wait, most anticipating that prices will drop further.

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