Font Size 
Testing times for property sector
Published on Mon, Apr 23, 2007 at 15:36, Updated at Wed, Jun 20, 2007 in Business section
Tags: Real Estate, Property , New Delhi
CHEAPER RATE: The investors are selling properties at prices lower than more than 25 per cent, says a Pune realtor.
Other stories in the section:
Buying your dream house just got easier
The common man many soon get a respite from ever-rising property prices.
New Delhi: Most investors are on the lookout for buyers today with investors and speculators holding as much as 15 to 40 per cent of apartments in most projects.
With the cracks beginning to show they are first ones to feel the heat, and are now up against builders to sell their properties.
“When I booked my flat the price was Rs 4500 then it rose to 8000 in a span of one-and-a-half years. I was really having a fear that it might come down so I sold it. The builder was quoting 8000+floor rise but I sold it for Rs 7200 a sq ft,” says an investor Mumbai, Satish Shetty.
The property sell-off has begun across the country, and is most prominent in the national capital region, where speculators fueled the boom further.
Even in Mumbai and Pune where experts believed the markets will hold through a correction, investors are looking to move out.
“They are selling at prices perhaps lower than more than 25 per cent. So if you moved from 1500 to 4000 Rs a sq ft today, the investors are out in the market for Rs 3000 sq ft. That's a huge discount from what a builder quotes,” says a realtor in Pune, Ravi Verma.
It is testing times for the property sector ahead. But with investors triggering off the fear factor, actual buyers could be at an advantage now.
More Headlines from Business
| Related links: | |
Total Comments: 0
Read Comment | Post Comment
Be the first to comment.