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| Real estate sector may recover in next 3 months: Assocham |
| Press Trust of India / New Delhi May 28, 2009, 19:12 IST |
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The real estate sector, which is reeling under the global economic slowdown, could recover in the next three months as demand for housing has improved due to price correction, industry body Assocham said in a survey.
The developers are hoping for some policy actions in the upcoming budget to revive the sector, which they feel would be key for the speedy recovery.
"Majority of the 25 real estate firms surveyed are sensing a quick revival in the sectoral activity within the next three months as developer's strategic shift towards affordable housing and a significant price correction in the housing projects has pepped up the sale of residential property," it said.
About 92 per cent of the developers considered affordable housing as the most dominating segment to shore up the demand in real estate sector.
"The policy actions supplementing the robust demand in the housing sector is likely to hold the key for a speedy recovery phase in the sector," it said.
At a time when luxury housing, SEZ, retail and commercial space were witnessing steep contraction in demand, affordable housing was the single most resilient segment, it added.
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