News
& Views on Indian Real Estate
Thursday, October 23, 2008
Realty Market Hit By Financial Crisis
India's fund starved real estate industry, which is already reeling under dropping sales, high interest rates and drying up of private equity sources, has to grapple now with credit squeeze created by this quarter. According to Mr. Anuj Puri, Chairman and Managing Director, Jones Lang LaSalle Meghraj, the RBI restriction on Indian banks from financing real estate companies is playing a role. As per industry sources, several realty majors have decided to go slow on their projects, especially in large cities, because of shortage of working capital, as banks have not only withdrawn overdraft facility but also decided not to process any more corporate loans.
Yes they can slow down the construction and deliver homes 10 years later instead of promised 3 years. Who cares for the poor customers? Customer is the king?
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