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Indian developers to soak up property investor’s interest

Diwali Fireworks
Creative Commons License photo credit: cprogrammer

Indian property purchasers could find developers are willing to bear the brunt of interest payments as they look to shift unsold stock, experts have said.

Prakash Challa, president of the Confederation of Real Estate Developers Association of India (CREDAI) said builders were taking the market situation into account and offering new deals.

Quoted by Indian Realty News, Mr Challa said:

“Given the current situation, builders are taking a conscious decision to bear the interest burden of the consumer.”

Builders are paying pre-equated monthly instalment interest on cash disbursed on mortgages taken out by apartment buyers, the site added.

The deals have been introduced as property investors across India hold back on purchases in the hope prices will fall still further in the coming months.

Home sellers across the country are also hoping to shift their properties over the current Diwali holiday season, traditionally a hotspot for transactions.

Developers often close around more than 50 per cent of their sales during the Diwali festival period, with the increased activity usually continuing through to March the following year.

In September Mumbai-based Orbit Corporation said it was bringing down prices by as much as 15 per cent during Diwali, according to the Hindustan Times.

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