Developers and Experts Argue over Price Correction in Residential Sector
Real estate analysts maintain that the prices have started softening in Delhi as well as peripheral urban areas like Chandigarh, Mohali and Panchkula. But developers refuse to believe that the prices would come down in the periphery as the prices are “rational” in the peripheries.
Amit Jain from Premium Acres said, “Prices have started coming to rational level; you can observe it from the transactions. For, a property in Chandigarh, which were earlier quoted at Rs 11 crore, prices have come down to Rs 8.5 crore. This reflects secondary sales are observing correction.”
Developers, worried over piling debts, would now try to incentivise customers in order to sell the existing lots. Rahul Mehta, Executive Director (North), DLF, maintained rising cost of borrowing moving up in the last few months (owing to RBI measures to douse inflation) impacts the borrowing costs for individuals.
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