Trying hard to stay afloat

"Best friend turned on me. What to do?"

When i read this story in today's The Economic Times, I felt sorry for all builders in Pune. ET published this on the same day, when Property Times has organized it's most prestigious event at Le Meridien. How sad! I think Pune real estate developers should try Yahoo Answers or appoint a media manager immediately! Have a look:

Driven by the booming IT business, Pune’s property prices had shot up to exorbitant levels over the last four years as builders sold flats at up to thrice the rate prevailing earlier. Following the slowdown, demand suddenly dropped and property prices fell by up to 30%. Though builders refuse to accept, they are now open to negotiate with serious buyers.

A source said, “Customers have postponed purchases hoping that prices and interest rates will drop. With reduced demand, and thus shortage of funds, builders are postponing schedules of handing over possessions and launching new projects. Some have even stopped work due to lack of funds to source raw material.

To read more, please, visit - Omkar Sapre - The Economic Times

Related Story:

Pune builders will not see any cut in home prices

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