Housing 'hungama' amid economic crisis

The real estate developers are of the opinion that the housing and commercial plazas new schemes had been started to attract the unutilized capital lying with the people.

They said that the stock market had collapsed during the past few months, the banks are offering low and unattractive rate of return on long-term deposits, the overall business is facing slump and in this scenario the prices of property are at bottom and very attractive for investment.

Details gathered by The Nation showed that the builders are demanding less than 100,000 rupees as down payment for the booking of an apartment while the actual amount, including loans, is not being disclosed to the customers. For example, a builder is offering booking of an apartment for Rs one million, excluding bank loan, to be obtained by the builder that will be paid by the buyer from the day the apartment is completed and handover to him.