Generally the time of festivals brings joy for the real estate developers as the rate of sales during Diwali goes up to a higher level. But this season it looks like the sales will not reach to the level of expectations of the developers. The reason for low rate of sales is slow economy due to which the confidence of consumer has fallen down. Indian real estate suffers with slow rate of economy. It has been seen in past years that during the months of October and November the sales of real estate goes up by 20-25% but this year due to high rate of inflation the growth of economy has slowed down which adversely affected the Real estate sector.
Many market experts, developers and brokers are preparing themselves for drop in transaction. The current booking prices and rate of interests are too high that the buyers are reluctant to invest in property for the time being until the rate of interests drops down. The Hiranandani group Niranjan Hiranandani said in a statement that this Diwali there will not be much lights and fireworks for the real estate developers. The developers tried their best to impress the buyers with new and fascinating festive offers but all their efforts failed as it could not increase the sales.
Many market experts, developers and brokers are preparing themselves for drop in transaction. The current booking prices and rate of interests are too high that the buyers are reluctant to invest in property for the time being until the rate of interests drops down. The Hiranandani group Niranjan Hiranandani said in a statement that this Diwali there will not be much lights and fireworks for the real estate developers. The developers tried their best to impress the buyers with new and fascinating festive offers but all their efforts failed as it could not increase the sales.
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