Real Time to Cut Realty Prices
Bangalore: This year has been a challenging year both for developers and home buyers. The country has witnessed high escalation in property prices frequently, making the property unaffordable for the middle income group (middle class people) and even for the upper middle income group. But, to correct the situation, developers need to cut the property prices so that they can sell off their projects faster.
According to the National Housing Bank data, the residential property prices dropped in 10 out of 19 cities, during the July-September quarter, reports Business Standard.
The reason behind this drop is mainly due to developers who are taking wrong steps while selling their projects, said experts.
Developers, who are quoting high price for properties, need to lower the prices to attract more number of buyers as well as to increase sales. This step should be taken mainly in places like Delhi, Delhi-NCR and Mumbai.