The Indian property market is passing through a turbulence time. The recession has been a great threat. A recent study by Crisil Research reported that Indian home prices will endure a 10% downfall in the 2nd half of 2009. This news is making the faces of many realty developers shrunken but anyways it has to be overcome with a great challenge.
The report submitted by Crisil Research also highlighted that Faridabad in the National Capital Region, Derabassi and Zirakpur in Mohali, High Tech City in Hyderabad and Rajiv Gandhi Salai in Chennai would go through another downfall because of the excessive supply of residential properties.
Most of the home buyers in India are adopting the ‘wait and watch policy’ which is leading to a sheer deficient of liquidity in the property market. However, there are many property developers who are passing arguments that they do not agree with all the points forwarded by Crisil. They are saying in unison that the home prices would not go another downfall as these are already at the most bottom line. A Bangalore-based developer, Ravi Ramu, director of Puravankara Projects stated that he would not even think to make the prices thinner in the undergoing projects.
The report submitted by Crisil Research also highlighted that Faridabad in the National Capital Region, Derabassi and Zirakpur in Mohali, High Tech City in Hyderabad and Rajiv Gandhi Salai in Chennai would go through another downfall because of the excessive supply of residential properties.
Most of the home buyers in India are adopting the ‘wait and watch policy’ which is leading to a sheer deficient of liquidity in the property market. However, there are many property developers who are passing arguments that they do not agree with all the points forwarded by Crisil. They are saying in unison that the home prices would not go another downfall as these are already at the most bottom line. A Bangalore-based developer, Ravi Ramu, director of Puravankara Projects stated that he would not even think to make the prices thinner in the undergoing projects.
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