Lack of interest in commercial spaces, says CREDAI
Wednesday, 29 December 2010, 21:37 IST
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Chennai: Residential projects have attracted huge investments across the country in recent years, but many commercial plots in major cities are lying vacant due to a dearth of buyer interest, according to construction industry body CREDAI. "While 12 million square feet is lying idle in Chennai, it will be more across the country. Many areas in Hyderabad, Bangalore and Gurgaon are lying vacant in commercial spaces," Construction Real Estate Developers of India (CREDAI) National Vice-President Prakash Challa told PTI. Noting that the real estate industry saw a slowdown after the sub-prime crisis in the US, he charged the Centre with not taking any steps to revive the industry. "If they had taken steps immediately after the crash of the U.S. market, the sector would not have faced this much of a problem... All developers and agencies would have been cautious," he said.
Source: PTI
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