DLF cuts prices in Chennai by up to Rs 13 lakh

Realty giant DLF today announced up to Rs 13 lakh cut in the prices for the existing and new customers of its residential project in Chennai on account of fall in input costs and slump in property demand.

The company's decision to cut rates up to 19 per cent in the 53-acre Chennai project has come on the heels of similar reductions in affordable housing projects in Hyderabad and Bangalore.

"The unprecedented events in the global economy have affected the realty sector in the country, bringing quantum changes in raw material cost, home loan rates and property values. Considering this, we are extending Superior value proposition to our existing customers," DLF spokesperson said.

DLF Vice Chairman Rajiv Singh had said last month that the company would reduce its property prices by 15 per cent to beat its falling sales.

"The reduction in prices would benefit customers between Rs 3.5 lakh and Rs 13 lakh per unit depending upon the size of an apartment," the spokesperson said.

The affordable housing project in Chennai, comprising 3,500 units, was launched last year. The company has so far sold 2,000 units costing between Rs 2,800 and Rs 3,200 per sq ft.