The price of property in India has already undergone a sharp fall. Builders and developers are still trying hard to adjust their much affected credit crunch. A few inhabitants in Mumbai recently started enquiring about the cost of flats and found that real estate consultants were offering huge discounts. Hashmukh Kapadia is a Mumbai based garment exporter. He is currently looking for a 2 bedroom flat in Prabhadevi, the place where he belongs to. Surprisingly he found that the prices of flats in his locality have decreased by 35 per cent. However, he says that the prices are still unaffordable. On the other hand, there are many other residents like Hashmukh who are struggling to purchase their dream homes.

Both the banks and developers are simultaneously attempting to woo buyers by the reduced rates of housing loans. Many real estate experts are saying that there would be further fall in the housing loan rates. An attractive sale is mandatory for developers so that they can invest the accumulated money in the under construction projects. The president of Estate Agents Association of India, Yashwant Dalal says that the property rates would certainly face a fall of 60 per cent. All those claims made by the real estate agents in the market are just not valid. There’s no escape from this strong prediction. Not only the developers are enduring the accurate shortage of money but also the buyers’ savings accounts do not have the adequate money for buying new flats.

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