Disclaimer: Please, note that the news is about "Indian real estate". Not about Pune real estate. Read it but, please, do not expect 30 % + price cut in Pune real estate market.
"You may get 30% to 50% discounts even now!"At a recent TiE-Indian Angel Network summit in the capital, industry players including real estate developers, private equity players and real estate brokers and consultants, all answered in the affirmative when asked whether they see the possibility of a price cut in future.
The Indian realty sector has been in a meltdown over the past few months. Prices for both commercial and residential property have come off by 20-25% over the past few months. Industry experts and players say they expect them to go down further.
Real estate builders Kailashnath Group’s managing director and owner Sanjay Khanna says those who are not reducing prices now will be forced to do so in some time.
Yet another real estate developer Ashish Mathur, head of business development and marketing for Mahindra World City simply says, “Yes they will”, in answer to Sanjay Bansal’s question on the 30% plus fall for realty prices coming forward.
Anil Chawla, private equity head for of DE Shaw & Company, one of the biggest private equity investors in real estate in the country, says he also expects the prices to fall. “I have already begun hearing rumours that some developers are planning major price reduction plans by Diwali,” he says.
Similarly Santhosh Kumar, deputy CEO of Jones Lang LaSalle Meghraj, one of India’s leading real estate consultants and brokers, says that there are definite prices discounts available for people who are willing to pay upfront even now. “They may get 30% to 50% discounts even now,” he says. To read more, please, visit - livemint.com
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