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Indian real estate firms urged to cut prices
20 Nov 2008
The Confederation of Real Estate Developers Associations of India (Credai) has made the appeal to developers in the emerging market.
According to the body, as many as ten million skilled and semi-skilled face losing their jobs if the decline in the growth of the real estate sector continues.
Credai has 3,500 members and although some have already heeded the warning, it is hoping that its entire membership will follow suit.
However, no fixed percentage has been requested to be taken off real estate prices, due to the diversity of property in terms of size, quality and location from across the country.
The body said that the move should build confidence in consumers by making property more affordable.
Credai was established to support the developers and builders in India by increasing their efficiency in the activities, introducing the latest technologies and ensuring they have up-to-date information on industry issues.
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