Realtors panic over fall in demand
Jamshedpur realty, being chased by one or the other crisis, did not yield good response in the first two quarters of 2012.
When the developers were finding ways to tide over the Chotanagpur Tenancy (CNT) Act 1908 crisis and Sanjeevani Buildcon fraud episode, the economic slowdown has just hit them hard.
Jamshedpur Builders Association Chairman, Kushal Singh, said that the first six months of the year had proved crucial for the real estate sector.
At a time when the industry was scouting for funds to finish its unfinished projects, banks stopped sanctioning loans for building projects. Added to it stood the current economic slowdown augmenting the woes.
According to realty market experts, over 80 under construction projects in Jamshedpur and adjoining Adityapur are expected to be affected by the decrease in demand. Frauds like Sanjeevani Buildcon have also spoiled the image of real estate in Jamshedpur.
To read more real estate news:
More demand for smaller apartments
Revenues of realty firms witness downtrend
Source: The Times of India
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