It could be good time for those wanting to buy a home as developers have started reducing prices to shore up sagging sales. The real estate sector has grown 30- 35 percent during the last half decade, reflecting the fast increasing demand for office, commercial and industrial space. Even the demand for bigger homes, now considered within the range of prospering working classes, run amazingly.
But the economic juggernaut began slowing earlier this year because of inflation and a severe liquidity crunch, fallout from the US sub-prime crisis. Now economic activity may shrink as part of a global slowdown.
India’s growth estimates of 9% at the beginning of current year have been revised to well below 7 percent, and the effect is directly visible in the realty sector.
According to the Associated Chambers of Commerce and Industry (Assocham), the real estate sector is estimated to be worth at least fifteen billion dollar in which FDI is four billion dollar.