MUMBAI, June 05, 2020: Union Commerce and Industry Minister Piyush Goyal has asked real estate developers to reduce prices and clear inventory rather than waiting for markets to bounce back.
Reacting to this, Anuj Khetan, Director - Vijay Khetan Group, said that real estate industry has already started considering the price cut if there are potential buyers.
“Developers are not turning away customers who are genuinely asking for a fair price. It is not that easy as it seems that the developers will reduce prices and inventory will fly off the shelf. Undoubtedly, the real estate demand is suffering from a systemic failure on many avenues,” he said.
“The industry’s expectation from the Government is to allow REITS and Foreign Institutions to invest in OC-ready apartments which will eventually drive housing demand. This in turn will bring the institutional and individual investors back to the table as after a long time investment in residential real estate is making sense financially. This one small change in policy will have a domino effect on the whole industry towards its revival," Khetan added