No Slowdown In Demand
Realtors do not see demand going down due to spiralling input costs.
Leading realty player Parsvnath Developers said it sees no reason to offer lower prices for property on the back of an inflationary phase, which can further surge the costs of housing and commercial establishments.
Debunking the perception that real estate sector is in a slump, the company Chairman Pradeep Jain said it has raised the prices of its properties up to 39 per cent in the last six months on account of rising input costs.
Asked if there is any hope for prices to cool down, Jain said, "There is no question of prices going down. Inflation will further push the input costs and we will have no other option, but to pass on this entirely to our end-users."
The construction costs have risen by 10-12 per cent in the last one year, he added."The prices of our different properties were increased in the range of 3-39 per cent in the last six months due to rising input costs," Jain said. The company, however, did not see the demand going down due to this price increase, he added.
Realty slowdown
According to recent reports by various real estate consultants, the country has been witnessing slowdown in the property market due to inflation and high interest rates, because of which some areas saw corrections in their prices. Discounting any such report, Jain said there is no slowdown in demand and various developers are also announcing huge investments in developing many projects."There is absolutely no slowdown. Huge amount of FDI is coming to the country. No developers are facing problems of liquidity or any financial crunch," he added.Recently, Ansal API had announced to invest Rs 13,000 crore to develop a 2,500-acre township. Omaxe also announced to build 10 lakh affordable housing units for Rs 80,000 crore.
Leading realty player Parsvnath Developers said it sees no reason to offer lower prices for property on the back of an inflationary phase, which can further surge the costs of housing and commercial establishments.
Debunking the perception that real estate sector is in a slump, the company Chairman Pradeep Jain said it has raised the prices of its properties up to 39 per cent in the last six months on account of rising input costs.
Asked if there is any hope for prices to cool down, Jain said, "There is no question of prices going down. Inflation will further push the input costs and we will have no other option, but to pass on this entirely to our end-users."
The construction costs have risen by 10-12 per cent in the last one year, he added."The prices of our different properties were increased in the range of 3-39 per cent in the last six months due to rising input costs," Jain said. The company, however, did not see the demand going down due to this price increase, he added.
Realty slowdown
According to recent reports by various real estate consultants, the country has been witnessing slowdown in the property market due to inflation and high interest rates, because of which some areas saw corrections in their prices. Discounting any such report, Jain said there is no slowdown in demand and various developers are also announcing huge investments in developing many projects."There is absolutely no slowdown. Huge amount of FDI is coming to the country. No developers are facing problems of liquidity or any financial crunch," he added.Recently, Ansal API had announced to invest Rs 13,000 crore to develop a 2,500-acre township. Omaxe also announced to build 10 lakh affordable housing units for Rs 80,000 crore.