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Real Estate

Bankers warns realtors against price hike

7/8/2009 2:36:00 PM

New Delhi, July (EPC News): Leading bankers on Tuesday cautioned real estate developers against raising residential prices, saying that any such move at this juncture would stall recovery in the market.

“Certain top-rung developers have already started increasing prices, especially in mid-income projects, following the recent pick-up in sales. Besides, with liquidity no longer a constraint, certain developers are seeking once again to increase their margins,” Deepak Parekh, Chairman, HDFC, said. He said that the real estate market had just begun correcting itself and it would be “extremely unfortunate if the developers were to increase the home prices at this juncture.”

“If the real estate players revise the prices upwards, it will stall the recovery process,” S. Sridhar, Chairman and Managing Director, Central Bank of India said.