New Delhi: DLF has cut its prices in its ongoing projects in Chennai and Bangalore by 20-30 per cent.
Finally, it seems like the much-awaited correction in the real estate market will turn into reality.
Fortunately, this is not just for new buyers.
Customers who had earlier bought homes in these projects will also get this benefit.
Such customers, who have paid more than the revised price, will be eligible for refund.
DLF's decision is likely to force other realty companies to bring down prices. The country's largest real estate developer may also cut prices of its projects in other cities as well.
Analysts have been predicting that builders will slash prices by 30-35 per cent to revive demand.
Costly finance and job insecurity in the changed economic environment have made people wary of buying homes.
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