Thursday, April 23, 2009

Demand back for ready homes, cautiously

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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1 comment:

  1. Hi Ravi,
    I completely agree with the fact that people are looking for ready possession or "close to possession" homes. I have heard a couple of cases when the projects were delayed and the builders won't give back investors money showing helplessness due to lack of funds. I am also of the firm opinion that in today's scenario first home buyers should ensure they would atleast have a home. I am also a home buyer and have formed an opinion that buyers should form groups and approach builders to get a good deal.

    I am sure a lot of people are having a doubt that I have in my mind: would the real estate market crash or atleast show more correction? surely doesn't look like now, but I am just cautious to save my hard-earned money from getting flushed down the "price-fall" drain.

    I would like to thank you for your wonderful blog and hope really well for you!!