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RE Se eee i ees eee hindustantimes india news | wews | busmess | cricket | ct Inala | ves | nero etosd | exon Real-estate market sees a sharp decline ‘cuir singh, anaustan Times May 18, 2007 «0 c bookmark & share MB FD more India's once-pueyant real-estate market has gone into @ deep freeze wth mare than 2 60 per cent dro in actual transactions over the last va months, cevelogers and realestate analysts have said. Far the {rst ume in tiree years same cevetogers have drogged rates to bolster demand. A nation-wide survey Teports a drop af betueen 5 to 10 per centin rates across ecge burbs [Ai fED)} tice knargnar, in Naw Mumbai, Greater Noida in the National Capital Region and Bangaiere's Hosur Road Developers on the fringes ofthe big cles nave Yound i ira to Nok the price ine. Cheaper lana alsa allews ther greater tee dom in ten profit margins. However, within the metroaoiltan cles, develapers have wiinstnad te plunge In ssies snd rela their ance tnes. In pnme locations and exclusive buildings, te price spital is intact © emo prme "Small developers wha cannothald cut anyrnore have cut their rates by 810 1 percent so that tey get buyers" sald vijey Wadhwa, chiet promoter of tie Mumba-based Rs 2,000-crore Wadhwa Grous related stories + coming a waten og tor feshestals deals > Progerty sales hi, prices too He expisined how Kharghar on Navi Mumba's edges is reperting price dectine up to 20 per cent, nut there nave heen no price cuts on prime [srd, ke the eight lane coastal promenade ef Pin Seach Road or lahat Ieacing tn the proposes new internancnsl airport In Deh, Seanchar's Reganal Manager-Home Assist and Home Loans, Vikram Dama, sald enere nea been a 50 per cent fall transactions since mric-Februsry "Potential buyers have backed off because of corvusion aver zoning norms and FAR (the floor area rotla oF FSI) Delhrs Master Plan and nigner interest retes rarname loans,” Dhamja 3216 [Developers ike Parsvneth and MGF reve cut rates by 15-20 percent in Grester nce. On Hosur Road (in Bangalore), average rates are down trom Rs 2,700 a sq fl to Rs 2.900 a sq ft" seid Shashi ummar, CFO of ie reatty tun inaisReits [BUY cent expect a arop in prices ct high-end prapertes in mic-tewn loestions. That's because there aren’ enaugh upscale properties both in cammercial and residential segments to fuel continuing semana SSoutn Mumnar's Cutre Parade resicential propemties are not coming Gown trom the Fs 25 (000-30,000, per sq range. The asking rate for Uie new, swanky 32-slory DS Durgamats Towers 's arcund Rs 85,0010 99 7" sald South Mumbel broker Prakash Kanuga. "Hewever, there are hardly any lransactions at these levels." The sloyeawn is beginring to hit joan distursals of banks and home-fance companies. ICICI Benk’s growth in home-loan disburssls has fallen fram 92 ger cent to araund 20 per cent, while the State Eenk of india Said waula net Ge sbi to sustain #9 currant grown rate or 25-27 per cert snd ‘eects it to sell# around 20 per cent. In the upscale property maréel of soutit Mumbai the freeze in sales has iraniealy glen the leasing market a pusn ee a ee ee eee oo ‘current Baars AUS 22/9 Boy een, PAK CUT eas aay Khushiyon ka Grihapravesh > Low interest rte > Porsonalised Home Loan Counseling > Logal & Technical Assistance > Home and Home Loan Insurance most viewed + Dut aot inger orbit oorao Web Mom cornes to Farema and Sakae reseus » Word Cus Spain the new champs, Dutch dream ena » Dhani takes wt, rants Colomee + Asning modethangs ners in Versova stories photos videos must read > HerDell Homeopathy hope Praepi et + Emope: Socials with others anhele fiicareer » Amatioas Wore gate hoe: Americas" pratt sl ae Work Fish bk each thet finkinayne | * Wott each ote fata > Amaiens: Socn,nanc-szed feimeles —” deveal minting eecaye back e + Amnaticas: Teatreostttound