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Developers Unlikely to Reduce Prices Voluntarily: FICCI

  •   Sun, Dec 21 2008 03:51:45 PM

PTI
 
NEW DELHI, Dec 21: Despite talks of recent downturn in property prices, developers are unlikely to reduce prices, as the realty players feel that their  properties are well-priced, says industry body FICCI.

"Voluntary reduction of property prices are not on the cards of developers. Barring very few developers, who have already reduced their prices, majority feel that their properties are rightly priced," said the Chamber in its latest study on the scenario of property prices in the country.

According to the report, developers may cut prices "by 10-15 per cent and not beyond only if the situation does not improve in the next few months".

The study underlined that developers seemed to have realised the need for affordable and mid-range housing to survive the current slowdown.

FICCI also said due to higher risks of investing in real estate, the sector would witness lower private equity deals in the next 12 months, as funds would not be easily accessible. 

  

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Comment on this article

  • Purushottama, Byndoor

    Mon, Dec 22 2008

    It is surprising.On the one hand the Government is asking Banks to lend more reduce lending rates etc. and Banks are becoming active at that to help the Real Estate Sector they are adamant not to reduce prices ? Then who needs help? Why Banks should cut their income to help a sector which does not wish to help themselves?

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