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Lehman financial debacle impacts on the Indian realty

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American financial condition is likely to affect the Indian Realty market because Global banks and brokerages are expecting to devalue an USD 512 Billion in subprime lost till now, biggest beat by losing USD 55.1 Billion (Citigroup) and USD 52.2 Billion (Merrill), as told by the source at the www.propertykhazana.com. Lehman Brothers is observing a fall and this may impact highly on the land market in India.
Chairman of Knight Frank India – a global property consultancy firm said to www.propertykhazana.com that, “Funds are dried up; developers have fewer alternatives as they fall short to hike funds. So, for this reason their current ventures will also suffer from this downfall. One more USD 12-14 Billion was to surge in the coming couple of years, but right now there is no sign of coming any longer.” Around USD 4 Billion invested into the Indian realty market by FIIs and VCFs. It is also disclosed by the source at the www.propertykhazana.com that realty major Unitech was funded Rs. 740 Crores from Lehman Brothers for an upcoming venture in Mumbai.
Peninsula Land Ltd.’s ventures will avail the financial affinity of Rs. 576 Crores by the Lehman group and has signed Memorandum-of-Understanding for the same. As per to the sources, continuous opinions will be worst and many builders are borrowing at soaring interest rates of 30-40% from private fund lenders. Chairman and Head of JJLM said to www.propertykhazana.com that, “This is no the last part of the international recession, there is still more to come which will be having a downbeat effect on the land market.” He witnessed that there is a downfall of 15-20% in Tier II cities, but there is no rate modification in the cities. He also said that, “Developers are hoping that their business will rise up during the festival season, however it is unexpected to occur shortly. Similarly, developers are witnessing liquidity crisis and big names are utilizing their possess capital which are made while the market was flourishing at its best.”
Source: NBTVLIVE

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