Real Time to Cut Realty Prices

According to Sanjay Dutt, Executive Managing Director, South Asia, Cushman & Wakefield, even home buyers require some relief from high property prices and interest rates. This also means homebuyers who have turned into fence-sitters, now can come out to make their move in real estate.

Practically, buyers are mainly seeking properties that priced between 30 lakh and 75 lakh, in big cities, said Pranab Datta, Chairman at Knight Frank India.

However, properties are not getting sold out based on the current price points. Developers have adopted a strategy of giving out freebies and incentives on home buying to attract more buyers and to increase sales, which is no more fueling the sale process at this current market scenario. The only way to push the sales upward is only if developers offer financial relief to buyers, which means a certain rate reduction or any kind of innovative payment schemes to lower the burden of paying EMIs and so on.

'Freebies won't boost buying' Anuj Puri, Chairman and Country Head, JLL India, reports Business Standard.

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