Neither aggressive
marketing nor new offers were able to light up the real estate sector in India
ahead of Diwali festival, says a survey by industry lobby ASSOCHAM (Associated Chambers of Commerce and Industry of India).
Builders &
investors were expecting a 100% jump in demand ahead of the festival. However,
it rose only 20%.
Investment in
property remained lukewarm due to high prices of houses in and around the NCR
(national capital region).
Major factors for the
subdued demands were high plot of land prices & the unprecedented rise in cost of
construction materials, iron & cement, the ASSOCHAM survey said recently.
The survey was
carried out in Delhi - NCR, Mumbai, Bangalore, Chennai, Kolkata, Ahmedabad,
Hyderabd, Pune, Chandigarh & Dehradun.
Mr. D.S. Rawat,
Secretary General, ASSOCHAM said, "The housing inventory in NCR is huge as
a large number of projects are coming up in peripheral areas. Although prices
had generally remained stable - both for commercial & residential
properties -- the lack of buoyancy & weak investor sentiments added to the
woes of developers"
The industry body
ASSOCHAM said the central government should grant industry status to the real
estate sector & projects must be classified as infrastructure &
priority lending should be made available for keeping pace with demand &
supply.
No comments:
Post a Comment