Indian real estate market - Is the worst over?

Published: March 5, 2009

“The worst is over” for the Indian real estate market, a leading developer has claimed, pointing to lower interest rates.

Sanjay Rastogi, director of Saviour Builders, said real estate schemes were now becoming more attractive investments after government measures.
Saviour is behind the planned GreenIsle housing project, Ghaziabad, which the developer has dubbed as an eco-friendly scheme.

Mr. Rastogi also warned that real estate developers will also have to cut prices to complete the recovery, while not sacrificing on the quality of new housing.

He said: “Now the worst time is over especially for real estate. 2009 has started giving positive results and we hope to see a brighter period very soon.

“We boast and say that we don’t compromise on quality. We have considered every possible norm of building a high rise tower.”

He also said a “natural selection”-style process meant only better real estate developers would thrive during the current housing market downturn.

GreenIsle features 73 per cent coverage of green and landscaped areas around the development and even a jogging park for older residents of the ambitious new housing scheme.

Real estate in the project is being sold at a cost of up to around Rs 36 lakh ($68,984), with about 1,000 units available.

Source: Off Planproperty Exchange

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