Dearth Of Home Buyers In Punjab

Published: March 24, 2009 at 12:31 PM | Author: Administrator
News Source: 16 March 2009 - Business Standard

Share

As realtors in Punjab are finding it difficult to reduce prices, buyers have put their plans on hold till the market sees further correction. PPR Group Managing Director, Mr. Rajan Chopra said, "Most of the housing projects in Jalandhar City are coming up on the outskirts of Nakodar, Kapurthala and Hoshiarpur road. Residential plots in these areas vary from Rs 5,000 per square yard to Rs 12,000 per sq yard. However, since last year, there has been no change in the price in these areas. Flats which cost between Rs 15 lakh (Rs 1.5 million) and Rs 25 lakh (Rs 2.5 million) are only in demand." The situation is pretty similar in Ludhiana. Local property dealers here mention that the residential sales in the city have been adversely impacted with the slowdown in the real estate market. Buyers here expect the prices to decline 25-30 per cent.