Realty Sector to Revive In 2013, But No Bets Yet

Realty Sector to Revive In 2013, But No Bets Yet

By siliconindia   |   Wednesday, December 26, 2012   |    1 Comments

Bangalore: This year has been a challenging year both for developers and home buyers. This means, developers expected recovery in home sales and potential home buyers desired for price correction and both are proved as vain hopes. While property consultants and developers are hoping that the market may recover and pick up its growth in 2013, everyone is doubtful on a rebound. Moreover, 2013 is expected to witness the emergence of some non-traditional markets as investment destinations, reports Economic Times.

Due to the current market situation, home buyers’ dream of buying property faded away. Alternatively, with the rising construction costs and slow home sales developers are facing constant challenge to complete their projects as well as to sell off their volumes which are quoted under high price bracket.

Anuj Puri, chairman of property consultant Jones Lang LaSalle India said that "It became evident in 2012 that homes are not selling at the current price points. Developers do need to re-calibrate their bottom lines while still remaining viable as businesses.” "Since the only way to catalyse healthier sales at this point is offering buyers tangible financial relief, we are likely to see a drastic trimming of frills in projects to make them more marketable from a pricing point of view, and innovative payment schemes," added Puri.

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