“Demand in Indian realty sector considerably low”- Godrej Properties

Godrej Properties the real estate development arm of the Godrej Group focusing on markets of Mumbai, NCR, Bangalore Pune and Chennai, the realty firm aims to develop residential properties in these cities.

“Property prices are holding up reasonably well. What has happened, however, is that demand is a little bit sluggish and volumes in most markets have dipped considerably,” says Pirojsha Godrej, the managing director and CEO of Godrej Properties.

My sense is given the way input costs have moved over the last year and given that prices have actually remained quite flat, it’s unlikely that there is a room for a huge price correction, because developers’ margins are under quite a bit of pressure. But that will depend largely on how the next few months go and whether general economic sentiment improves, because I do think ultimately property is a very sentimentally driven sector, he further added.