House Prices Dip By 10% In Orissa

November 27, 2008	(Be the first to rate this story!)  Loading ...
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Even as the real estate sector in Orissa is stated to not have been affected by the meltdown as in the metros and other parts of India, the builders in the State under Confederation of Real Estate Developers Association of India (CREDAI) have announced a rate cut in house prices by 10 per cent. The rate cuts would be affected in all upcoming projects of developers under the confederation with immediate effect. And with prices of raw materials and land coming down coupled with lowering of interest rates by RBI, the price cuts could even be extended to 20 to 25 per cent in the ensuing days.

Talking to mediapersons here on Tuesday, president of CREDAI Orissa Md Moquim and Secretary D.S. Tripathy said prices of steel have begun to come down from Rs 40,000 per tonne to Rs 26,000 while cement has reduced by Rs 20 to 30 a bag and sliding. Due to the slowdown of economy and the resultant hesitancy of big building companies to enter the fray in Orissa, the price of land has begun to fall by 10 to 15 per cent and is further expected to go down to 20 to 25 per cent. Along with that, the comprehensive development plan (CDP) for Bhubaneswar is expected to come into force from early next year, which will open up new land regions for development thus creating more opportunities, they said.

News Published Under:   Real Estate Developers |

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