Wednesday, 19 November 2008

Real estate body asks members to lower prices

MUMBAI (Reuters) - Indian real estate developers should lower prices given the general slowdown in the economy, the Confederation of Real Estate Developers' Associations of India (CREDAI) has said.

"Some developers across the country have already reduced prices, CREDAI now requests all its members to do the same," the real estate body, which counts over 3,500 developers as members, said in a release on Wednesday.

No fixed percentage in price reductions could be recommended due to the vast diversity of prices of real estate across India, it said.

The continuing economic slowdown has led to a fall in growth rates and potential loss of employment to many of the 10 million skilled and semi-skilled workers in the retal estate sector, it added.

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