Who will blink first? This is a question being asked about Punes real estate sector. While buyers would like a price correction, developers would like customers to buy at the rates they are offering. Its a stand off, since builders, lenders (in the form of housing finance institutes) and property consultants agree that there is a huge demand for housing but actual sales fell in the second quarter of the calendar year as compared to the first quarter (January-March, 2008).
Someone has to give in, and soon, says a consultant in the real estate sector because although the city does not currently have an inventory pile up, this may happen in the next 8-12 months. This follows the announcements of several projects, four townships and another five to six townships to be announced in the festive season.
Prices for residential projects have been stagnant since June, 2007, said Tanveer Inamdar, CEO and partner of Tain Constructions, adding that the realty sector has a four-year cycle of boom and slowdown. Property consultants Jones Lang Lasalle Meghraj, however, said the flattening out happened more recently, from January, 2008. Builders agreed that there was no ready supply of housing. So, for those interested in buying a home in the city, the option is to book and wait.
More : economictimes.indiatimes.com
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