“It is much more damaging to hold on to projects than releasing them at reduced prices. At reduced sale prices, the developer would still make money, just that profits will be lower,” said Anuj Puri, chairman, JLL-Meghraj, a leading real estate consultant.
Some developers like Omaxe have started offering 5-15 per cent discounts on existing and future projects. But, said Puri, “Unless prices drop by a third, the buyer will not come back. And if developers reduce prices to match market expectations, there will be a huge response.”
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