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Real Estate Developers Should Sell At Realistic Prices And Clear Inventory: Goyal
In a video conference set up by NAREDCO, Commerce Minsiter Piyush Goyal asked developers in the real estate industry to sell the inventory at realistic prices, and not wait for market conditions to improve.
Further as per a report in the Economic Times, while the government is working on ready reckoner rates as concession given the current turmoil, developers are asked to go ahead as the proposal may or may not materialize.
Goyal said: "If any of you here feels that government will be able to finance in such a way that you can hold longer and wait for the market to improve, market is not improving in a hurry. Things are seriously stressed and your best bet is to sell."
Also, piling up on losses in the current Covid times shall not serve as it has been evident that those who booked losses and sold at lower prices were better off.
So, if developers to the provided option they can confront a situation when on loan repayment default, their property could be seized, or else the wise decision shall be sell at current time.
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