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29.04 - 07:09
Opinion | Real estate players face market reality
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Companies in this beleaguered sector need to take Deepak Parekh’s advice. Offer deep price cuts to clear existing stock and get cash in.
Otherwise, a market revival may take too long Deepak Parekh, chairman of Housing Development Finance Corp. Ltd, has some advice for real estate developers.
If the sector is to emerge from its quagmire, they must slash prices and draw in as much cash as possible. While addressing builders at an industry-organized webinar on Tuesday, the industry veteran asked them to be prepared for a 20% fall in property prices.
Their best bet, in his view, would be to clear inventory at whatever rates need to be offered to attract buyers. This is something many of them had been reluctant to do in recent years, a period
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