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adProperty News

Polls add to the real estate burn up
Source : The Hindu Property Plus Published On : 2009-03-07 City : Hyderabad

Elections appear to singe construction industry further, says T. LALITH SINGH

While summer heat has the mercury climbing up steadily and the announcement of election schedule has added political heat to it, the real estate has just gone cold. If the global recession has left the construction industry badly scorched, the elections appear to singe it further.

In the last few months, the situation appeared inevitable as real estate after a good run started sliding in the aftermath of changing scenarios. The saner voices on ‘unscientific and irrational’ rise in the land and apartment costs were ignored and the crash when it came, landed with a big thud. It was not either plots or built-up area costs alone, but even the construction material costs from steel to cement kept their skyward movement compounding the unease. The recession effects have forced the industry to apply brakes and made quite a few of them sit back to reminiscence about the good run they had and now the elections are sure to add to the slowdown. Several in the industry agree that election times bring in a certain uncertainty in property dealings as the hope of prices tumbling down drastically gain currency. It is also observed that quite a bit of money that has been with the real estate is pulled back by investors-politicians to meet their election campaign needs.

As a builder concedes, most in the industry will be looking forward to the polls too with certain interest and assessing how the election outcome could affect the industry prospects in coming days. “There will be possible changes in policies that could have some influence on the real estate prospects and it does make us keep our new plans on hold till the elections are over,” he says. As of now, interest for property acquisition has dipped drastically among the buyers. And some builders point out the interest might not get revived till the elections are over and also the recession and its after effects are erased from the memory.

After zooming high, the prices have started stabilizing and there is a drop in most of the hot property destinations, but a strong anticipation among interested buyers is that the prices will crumble further down in the wake of elections, he agrees.



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