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Tuesday, April 14, 2009

Builders tread cautiously on realty street

It is not about Pune builders!

Some of the tastefully done-up stalls at the property exhibition at the Bandra-Kurla Complex (BKC) are as large as one-bedroom apartments. Smart marketing girls move around with glazed brochures, pitching upcoming residential projects to prospective home buyers.

In the adjoining seminar hall, there is much bonhomie among the assembled builders, gorging on a lavish vegetarian spread. To many, it may seem to be business as usual for Mumbais property czars. But behind the broad smiles is a growing concern about the stormy days ahead.

The construction industry is suddenly down in the dumps and builders are still unwilling to say when they will relent and reduce prices. But across the city, massive cranes, which were once swinging at frenzied pace, have slowed down considerably.

Developers have drastically cut down work on their under-construction projects. For instance, if a builder was laying one slab a month, the pace has slowed down to one slab in three months. When flats are no longer selling as briskly as they used to, there is little point in speeding up construction work, a leading builder confessed privately to this newspaper recently.

Some of them are also believed to have postponed launching new projects. Banks and financial institutions have also turned on the screws. A couple of years ago, they stopped lending money to builders for land acquisition. Now, even loans for construction has virtually come to a halt since the past three months, industry sources said. Banks have become extremely choosy about lending money to builders, they said.
To read more, please, visit - Nauzer Bharucha - The Times of India

Isn't it about Pune builders too?

What's going on in Mumbai real estate market? Slowing down construction, postponing project launches, etc. Have seen it happening in Pune real estate market? Please, share your observations in the comments. (Comments Policy),

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1 comment:

  1. Ravi, this news is 6 months old. I'm sure those numbers would have changed a lot since then.