Recession Touches Tailspin in Real Estate

A series of initiatives currently underway to bring the real estate sector back on the track have not just pushed the pace of project announcements, price correction and absorption level in the housing sector but also rekindled hopes that realty is staging a strong revival across metropolitan cities and tier II and tier III towns. Reversing the trend, builders in big cities offer 18% discount to clear inventories resulting in an unprecedented increase of 46% in sales in the housing sector. Adding to the momentum, Budget turned the Rs.5 to 20 lakh categories of housing as the most sought after segment injecting renewed interest from new developers, investors, home finance firms and corporate groups currently chalking out pan-India expansion plans indicating that recession has virtually bottomed out of the Indian real estate sector. Reports Jeet Singh.