Real estate development in Bangalore and some of the other important cities of the State such as Mangalore, Mysore and Hubli-Dharwad has been severely hit with hardly any buyers for apartments. The global meltdown is said to be having a disastrous effect on real estate business in Bangalore, one of the fastest growing cities.
Housing here has now entered the buyers market, in contrast to what prevailed during the boom period when people desirous of shelter were at the mercy of sellers. Apartment prices, particularly on the outskirts of Bangalore, have taken a major beating given the fact that discounts, freebies and even a special interest rates for housing loans (with a certain per cent of the interest paid by the seller) are not bringing in customers.
Sources in the housing sector told The Hindu that “indications showed that the people now feel that real estate prices have touched realistic levels, given the response to advertisements for apartments over the past fortnight. It is another matter that the discounts being offered on the outskirts of the city, ranging between 15 to 35 per cent, based on the location of the property and the amenities provided therein, have not produced the desired responses. People are now in a “wait and watch mode with the hope that the real estate market takes a further dip and they can step in at that time.
More : hindu.com
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