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Major realty players now suffers cash crunch

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Indian real estate sector is under dilemma and very few builders are able to manage the situation while the rest are badly hit by the ongoing financial crisis across the globe, says the source at the www.propertykhazana.com. Major realty players like DLF, Omaxe, Sobha, Puravankara, Raheja, Century, Mantri, Prestige and Unitech are not exempted from the ongoing crisis and more than 70% of the projects are not taken off. In the meantime, the developers are juggling for the funds while banks are not funding on any of the realty ventures reasoning the RBI guidance.
It is also reported by the sources at the www.propertykhazana.com that many of the leading and mid size builders have withdrawn the proposed ventures. In a verbal communication with the www.propertykhazana.com, ED of Cushman & Wake field said that, the recital of any developer depends only upon the land bank, when the property prices were on the peak, many developers and builders acquired properties at higher prices hoping high appreciations in the near time, but everything went repealed, most of the developers are not able to dispose the properties at least for the actual or buying price, he added.
Adding his comment at the www.propertykhazana.com Mr. Sanjay Chandra MD Unitech Group said that, for branded realty operators, the rising and new markets will turn to be a boon and otherwise for mid size and small builders, having pan India presence, Unitech is even facing cash crunch and realty slowdown, he added. A senior DLF Executive revealed the same opinion and also added that, not only metros and Tier-2 cities, now the ongoing recession impact is playing a pessimistic role on Tier-2 and Tier-3 cities, he added. For more and latest real estate updates follow us at www.propertykhazana.com.
Source: NBTVLIVE

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