Property prices in India’s metropolitan cities have dropped by 10 per cent to 15pc, says an award-winning Indian builder.
This is the right time for people to invest in the real estate market in India, said Mumbai-based National Builders chairman and managing director M C Sunny.
The Indian real estate market has experienced a slowdown, following the global economic crisis, he told the GDN.
“It has resulted in a standstill in some areas, with no major transactions taking place,” said Mr Sunny.
“In metropolitan cities like Mumbai and Delhi, prices have dropped by 10pc to 15pc.
“However, in Kerala, from where there is a large concentration of people working in the Gulf, prices are remaining steady.
“Builders are not in a position to reduce prices because of an increase in construction costs.”
Mr Sunny said he expected this trend to continue for at least one year.
National Builders, established 20 years ago, has won the ISO 9001-2000 certificate in recognition of the quality of its products and services.
“Currently, we have projects valued at $10 million under construction in Kochi, Kerala, and in New Mumbai,” he revealed. Mr Sunny can be contacted at the Ramada Palace Hotel in Gudaibiya or on telephone 39131402.
Investment News India, November 2008
