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« Falcon Aims to Redefine Indian Real Estate | Home | Mumbai Terrorist Attacks are a Blow to India’s Retail Industry »

Real Estate Punjab Hit by Global Crunch

The meltdown being witnessed around the world is having a significant effect on the state’s real estate business. Property dealers, who were already seeing a decline in their income, have seen a decline of 60 per cent in their earnings. New deals are hard to come by and deals already finalised are also being called off by buyers due to the liquidity crunch, though the prices remain static. “We have been sitting idle for many days,” said Parminder Singh, a property dealer in Jalandhar. NRI buyers are also not as keen on buying property here as they have been in the past. Kewal Singh, a US-based NRI from Jalandhar, said the recession in USA has made it difficult for NRIs to invest here. “We are unable to manage our own installments in the US as most of the things are bought on loan there,” he said.

The construction sector has also got a hit as NRIs are not investing in big projects and only concentrating on the old projects, according to Anil Chopra of PPR, a leading real estate developer. The number of NRIs visiting India for vacations has also decreased this time as many of them are doing over-time to manage their loans there, said Nihal Singh, another US-based NRI. “The travel expenses are huge and many of our friends who used to come here every year are not coming this time,” said Parkash Raman, a UK-based NRI from Hoshiarpur district. Mohinder Singh, who organises various foreign tours in collaboration with SOTC, a known brand in arranging tour packages, said the travel business too has gone down by more than 50 per cent. Sales manager of Bhabhi Boutique, which has several NRIs as regular clients, said that usually by this time their business would pick up, but their sales have reduced by 50 per cent this year.

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