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Realty companies fed up with global financial crisis

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The latest aftermaths of main realty conglomerates have disclosed that fundamentals have certainly been hit by the global crisis shoddily. DLF’s incomes in 2nd Quarter Fiscal Year has come down for about 4-5% as compared to previous year and Unitech’s incomes have fallen for about 12-13% as compared to the last time. Same is the case of other realty conglomerates like Parsvnath, Ansals and Omaxe. This has made things bad for the segment which is by now experiencing a main liquidity and is a sign for the present fall bedevil to the realty segment. So realty giants are ready to amend the plans.
Executive Director of Omaxe Group said to www.propertykhazana.com that, “We will be focusing more on reasonable residential for the people. There are fewer demands for alpine and middle-end products. Gently, property rates will also be reduced.” Group Executive Director said that, “There is a lot of alters in the global economy in different segments. Till realty is concerned, housing loan rates have to downturn and this segment must be considered as urban infrastructure on average with other segments, Realty financing is also necessary” he added.
Chairman of Parsvnath Developers Ltd. said to www.propertykhazana.com that, “From last year, the blowing up trend has hiked the investment costs, so pegging force on margins. Global downturn and fiscal crisis has put force on cash flow in US and European and in India. This aftermath the hike in interest costs further impacted on all industries comprising realty segment.” Joint MD of JLLM said that, “Demand for realty benefit groups like housing are still powerful, but customers are not ready to agree aberrant rating. Therefore, an improvement of rates also with cutback in housing loan rates is expecting to raise consumption.
Source: NBTVLIVE

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