Real estate industry executives and financiers say that while demand for housing is slowly beginning to return in Indian cities after a contraction for much of 2008, it is restricted to constructed and ready-for-possession projects.
Most buyers, according to executives at leading real estate developers, don’t want to take the risk of waiting for two-three years for a project’s completion, and this marks a shift from earlier when demand was for under-construction flats.
“Demand for under-construction properties has dropped by at least 50% compared with a year ago, because buyers are sceptical about whether builders have adequate funds to complete the projects they have undertaken,” says Shweta Jain, head (residential) at Cushman and Wakefield, a property advisory firm.
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