Real Estate Downhill, as Unitech sales bookings goes down :
Much to the worry of the India’s real estate sector and as a result of pressing scenario in the industry, Unitech, one of India’s prominent real estate firms has said that its sales bookings went down by 26 per cent to Rs 527 crore in the first six months of this fiscal due to the ongoing slowdown in the realty sector.
As per the company, it had sold properties worth Rs 717 crore in the corresponding period of last fiscal – thereby depicting a wide difference of 26 per cent.
On the other hand, the government is advising the reserve bank of India or RBI to swiftly act towards reducing the rate cut in order to facilitate the growth of the economy in general and real estate sector in particular.
Arun Jaitley, Finance Minister has expressed his opinion that India’s real estate sector can shine bright if RBI announces rate cuts and consequently banks can reduce their interest rates towards home loans.
As of today and under tremendous pressure, the real estate sector is facing a challenging scenario, with a far lesser number of new project launches happening today. However, economic scenario of the country looks promising and this is the reason why the stock markets and related sentiments are on a high. This can create a perfect basis for the RBI to announce rate cuts and which in turn can enable better stability in India’s real estate segment.