Better Indian property investment deals are likely to arrive “sooner rather than later” commentators have claimed as developers are forced into discounts.
Writing in the Business Standard, Amar Pandit says property is likely to come down even further following an initial correction.
Many Indian developers have experienced difficulty in the current climate, as cash flows dry up and buyers take a cautious approach following four property booms years.
According to Pandit, the current stage is “an important period” for buyers, who could find prices fall still further in time.
He says:
“values will fall sooner than later – in such circumstances, it is best that you do not get emotional about any property and think that you will miss an opportunity”.
Other tips include offering the builder a price as much as 20 or 30 per cent lower than the going rate and avoiding being “swayed” by the likes of stamp duty waivers and free parking spaces.
Earlier this week the Associated Chambers of Commerce and Industry of India (Assocham) said interest rates needed to fall still further in order to spark more activity.
The group added the Reserve Bank of India should create a mechanism for weekly monitoring of banks’ lending, as liquidity was still a problem.
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