Realtors blame media for hype about realty slump

September 12, 2008	(Be the first to rate this story!)  Loading ...
Print This Story   Email This Story Subscribe Newsletter

Real estate developers have held the media responsible for the falling sales and delayed projects. At a Ficci-conducted two-day real estate summit, which concluded here on Thursday, developers took potshots at the media during a panel discussion accusing them of “trying to be stars at the realtors’ expense”. Developers such as Mumbai based-Kalpataru Properties, Bangalore based-Sterling Developers Pvt Ltd, Shriram Properties and Parsvnath Developers —- all felt aggrieved by the “negative” coverage in the media.

“Journalists are blowing up the issue (of real estate slowdown) to become hot journalists and step into the limelight,” said Mufatraj Munot, chairman, Kalpataru Properties. He said negative publicity in the media was one of the reasons why properties were not being sold. None, however, could explain the delayed projects or the apartments lying vacant. “The media is hyping the issue up, but flats continue to sell, although at lower prices,” Munot said.

Pranay Vakil, the chairman of real estate consultancy Knight Frank India, said he doesn’t expect any significant jump in sales of residential units this festive season because market sentiment hasn’t changed much. “Normally, volumes pick up in the festive season. But this time around, we are not seeing that happening,” Vakil said.

News Published Under:   Real Estate Developers |

Comments