Northern realty goes down under

Preeti Parashar
Posted: Sunday, Nov 23, 2008 at 0022 hrs IST
Updated: Sunday, Nov 23, 2008 at 0022 hrs IST

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Realty firms on hiring spree again DLF profit crumbles 77%Realty demand up 15% in Q2 ‘Property rates to fall 25% in 12-15 months’

: are not very high. “Even though people are willing to buy, due to high prices they prefer to stay away from buying. That’s why prices will have to be slashed by the builders for further sales to happen,” he says.

Even the investment flowing in the realty sector in Punjab and nearby regions via NRIs has stopped now. “They prefer buying property abroad only as the rates have gone down there,” adds Malhotra.

Even freebies are not proving effective to attract buyers. Pawan Gupta, Director Hari Om Property Consultants says, “Companies are offering discounts to the dealers, foreign trips etc and even a car. Builders profits have also come down from 40-50% earlier to about 10-20% now. If the situation doesn’t improve, the dealers profit will be cut and the prices will be slashed further.”

Experts are calling this phase as the best time to invest and look at real estate as a long-term investment option. But how much of this assurance can affect a buyers’ psyche is still to be seen....

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