As per to the sources saying @ the www.propertykhazana.com, realty chiefs are reported to be departing Uttar Pradesh and are setting full stop to their current residential ventures. The reason is clear, the apartments and offices constructed by them are not sold and the consumers and home loans they banked upon are closing up with non-payment. Some conceptive took place in UP and Delhi, where the realty market was just highest and then came reality. Now the apartments which were selling for crores are accessible for Lakhs and more problems are about to come. Within 6 months, the market even with the currency flow from banks will be under selling stress and also appears facing with the people attempted to think beyond all awareness in this segment. Market will witness the fake demand created by guesswork vanish and be restored by easy economic sense and rates will ultimately drop.
High cost of housing loans, property acquirements at soaring rates, soak in demand from NRIs and the common cash flow chomp are added to the suffering of realty chiefs. In places like Lucknow realty developers were adducing for Rs. 5 Million/ Rs. 45 Lakhs for mid sector residential which is fairly out of reach. Now, similar apartments might witness misery auctions in the coming 6 months and in the construction business builders who purchased steel at Rs. 60 kg are now rejecting to credit their payments to suppliers, as the similar material is accessible for Rs. 40 kg. Rates of property, cement, steel and apartments all are likely to divide shortly and might be the true effect of the crisis which will be sensed after parliamentary elections. For more updates on realty market browse www.propertykhazana.com.
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