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News & Views on Indian Real Estate

Friday, October 10, 2008

Realtors Launching New Projects During Navratri, Amid The Slump

Despite the US slowdown, realty developers across the country are launching new residential apartments during the ongoing Navratri festival hoping that they will get higher sales from prospective home buyers, who have been postponing their buying plans so far. Home sales across the country have fallen more than 40 per cent in the last nine months due to high interest rates and increase in monthly loan payouts by borrowers. “Developers are launching projects during Navratri and Diwali in the hope that there will be takers for new flats after the Shraadh period is over. However, we think Diwali will not be very exciting this time around due to poor market conditions,” said Mr. Raminder Grover of Homebay Residential of property consultancy Jones Lang LaSalle Meghraj (JLLM).

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