06.10.2008 - India: Realtors blink, cut home prices up to 25%
From Business-standard.com: This festive season may be a good time to buy your dream home, for property developers are showering discounts. Most realtors are already advertising cash discounts of 5-10 per cent on upfront payment and buyers can get up to 25 per cent discount if they book properties and are willing to wait for two to three years until possession. According to consultants, developers may even give 15-20 per cent discount on the price as they are eager to clear inventories. Normally, the October-December period accounts for 60 per cent of the sales. What is worrying developers is the sharp decline in property sales this year. From the beginning of the year, home sales have halved because of high interest rates and a sharp rise in the monthly loan payouts of borrowers..... Full Article: Source