No Diwali Bonanza for Builders this Year
Builders in India are facing crunch this festive season as they are not able to generate business as usual. Generally this time of the year the property deals in India are at its peak as it is considered auspicious to procure property during the festive season. Various factors have contributed to this some of them are hike in the interest rate, consumers showing no confidence also the volatility in the markets are also playing with the psyche of customers.
These factors have combined to adversely affect the number of sales. Market analysts have predicted that there is some 20 to 30 percent drop in the sales if the figures of the country’s six topmost property dealers are considered. The slump may also lead to heavy discounting in the sales. The builders at present are unwilling to lower their prices and the buyer a are also unwilling to shell out such hefty prices. Generally builders wait for this part of the year to launch new projects but this year the number of projects are also lesser than what it used to be. Some developers are trying to woo the customers by offering some incentives however the move is not generating the desired response among the customers as the deals are not significant compared to what they are paying.
Source: Realty Biz News
