Daily Dose of Deflation 11Dec2008
Business Standard: Realtors may cut prices 30% next year to boost sales
DLF, Unitech and other real estate developers may lower prices by 30 per cent by mid-2009 to nudge buyers out of their “wait and watch” stance, according to experts.
Property prices in Gurgaon, Noida in the National Capital Region (NCR) have fallen by 25-30 per cent while Mumbai’s distant suburbs have seen 15-20 per cent drop in prices. Now property consultants foresee further price correction of 25-30 per cent in 2009.
Here’s a simple formula for Indian RE valuation: Take the peak price and divide by 2. Or maybe 3.
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