Dated : 3rd Sep, 2013
Source : magicbricks
There are no takers for close to 6 lakh homes in the country, forcing builders to cut prices and dole out freebies, which many hope will herald the much-awaited correction in the home market ahead of the festival season.
With the rupee caught in a whirlwind and the job scene deteriorating by the day, buyers are shying away from the realty market, leaving builders to grapple with an inventory of over 700 million sq ft. By end of June 2013, cumulative nationwide unsold inventory was 670 million sq ft, up 54 million sq ft in just one quarter, says property research firm Liases Foras.
According to the National Housing Bank’s (NHB) residential housing index, Residex, 22 of the 26 cities it tracks have seen a decline in home prices in the April to June quarter. Prices are expected to fall further, says NHB Chairman RV Verma. “Developers are now willing to take a haircut on their margins,” he says.
Source : magicbricksThere are no takers for close to 6 lakh homes in the country, forcing builders to cut prices and dole out freebies, which many hope will herald the much-awaited correction in the home market ahead of the festival season.
With the rupee caught in a whirlwind and the job scene deteriorating by the day, buyers are shying away from the realty market, leaving builders to grapple with an inventory of over 700 million sq ft. By end of June 2013, cumulative nationwide unsold inventory was 670 million sq ft, up 54 million sq ft in just one quarter, says property research firm Liases Foras.
According to the National Housing Bank’s (NHB) residential housing index, Residex, 22 of the 26 cities it tracks have seen a decline in home prices in the April to June quarter. Prices are expected to fall further, says NHB Chairman RV Verma. “Developers are now willing to take a haircut on their margins,” he says.
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