[INDIA REAL ESTATE NEWS] Good morning everyone I am Rumi Dhar from Kama |
Group. Here I have important INDIA real estate news to share with you which is as
Mumbai: “Reducing real estate prices is a theoretical proposition as the I-T
department will penalise you”, says Niranjan Hiranandani, President, ASSOCHAM
& Co-Founder & Managing Director, Hiranandani Group. In a discussion with
Tamanna Inamdar on India Development Debate, Hiranandani agreed developers
should reduce their prices especially if they have borrowed money.
Commerce & Industry Minister Piyush Goyal in a webinar yesterday said that
markets will not recover in a hurry and that the best bet is to sell. He said developers
will be stuck with their inventory if they don’t reduce rates.
Hiranandani believes Piyush Goyal made a sensible statement as he said it was
directed towards developers who have taken huge loans from banks and are holding
on to assets in the hope of price recovery. The real estate sector was reeling under
huge stress even before COVID-19 struck the economy. Markets were already at a
bottom and the last five years saw the sector getting further impacted by reforms like
Demonetisation, GST & RERA, said Vinod Rohira, MD & CEO - Commercial Business,
K Raheja Corp. “Real estate prices were down 10-15% between Demonetisation &
before COVID-19”, said Niranjan Hiranandani.
Read more at:https://www.timesnownews.com/business-economy/real-estate/article/real-estate-in-india-post-covid-developers-resisting-price-cut-despite-pressure/601787
Have a nice day