According to report by Construction Real Estate Developers in India (CREDAI), real estate all across the country, especially in metropolitan cities is looking gloomy. The sales of many commercial projects have declined due to the effect of global recession. It was found that 12 million sq. ft of land is idle in Chennai alone. Other major cities such as Hyderabad, Gurgaon, Banglore are also following the same suit.
Many of the investors in this sector are blaming Government for not taking necessary measures in due of recession. Tier II and Tier III cities are facing major dearth with most of flats held up without any sales. With only few sales happening, majority of people are opting for normal budget homes, with almost all the luxury flats remaining untouched.
Source: Indian Express