The realty party might be over for builders as India’s hottest property market is cooling off faster. But the party has just begun for home buyers. Exactly as NMTV News had analyzed in April 2008 and later in October 2008, prices of property are dropping – something that builders aren’t hiding anymore. More with our report from the 9th property exhibition of the Builders Association of Navi Mumbai. We told you in our report on October 4th that New Year would bring cheer to home buyers as property rates are set to fall steeply and New Year is bringing cheer to buyers. The word is out on the streets. The realty balloon has burst. Most builders who have been quoting such exorbitant realty prices that it completely went out of the comfort zone of buyers of any income group and was beginning to hurt buyers have no option but to reduce property rates – that too steeply. Apart from this, the reduction in interest rates has backed the price fall. That the lack of demand and growing liquidity crises has developers worried. Builders are not getting venture capital funds and do not want to go to money lenders because of high interest rates. So, the only option is to start selling faster by reducing rates. We spoke to popular developers at the 9th mega property fair underway at Vashi who accepted that the buyers’ market has started to arrive. And even though some builders continue to rap that the realty mart wouldn’t be affected by the slowdown in the real estate market as demand in the island city exceeds the supply, others do not hesitate to accept that builders have gone into bargaining mode. Even bureaucrats say that property rates are falling and that this is a good sign. A few buyers, who have been observing the property rates in Navi Mumbai for the last couple of years, agreed that there has been a downslide in the property rates. City Advocate Rahul Thakur echoes the voice of the common buyer and says that the realty balloon has burst. Who doesn’t know that one of the most hyped locations in the city has been Palm Beach Road? Developer Suresh Haware backs the same point and says that price correction has begun. Sources informed NMTV News that few builders on Palm Beach Road are so desperate that they are offering property prices slashed to more than 60% of the rates they were quoting a year ago. The same downfall is expected in most places in Navi Mumbai too. Beyond any doubts, New Year has started to bring cheer to home buyers as property rates continue to fall steeply. The realty party is over but only for the developers, for the buyers – the realty party has just begun. With Sudhir Sharma and Zeba Warsia for NMTV News.
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