We were the first one to tell that slowdown in Real Estate is imminent. Simple Reason - Unrealistic Realty Prices hurt Economic and Industrial Growth.6 Months ago when RBI tightened lending to Real Estate, greedy developers started moving towards Foreign Money. Just 2 days ago, RBI tightened foreign money supply in real estate.
Today, ICICI Bank Executive Director, V Vaidynathan said,
The real estate business, which was earlier growing at 45 per cent, is now growing at 20 only per cent.In another release, the Mumbai Chapter of Builder Association fo India confirmed slowdown in housing stock sale in the past 3 months. The sales drop is as high as 27%. Mid-Size builders are now offering free car parking and discounts. They expect a price correction of 10% in the next quarter.
Inputs from Business Line, 15th June, 2007
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