THE GLOBAL recession and the consequent slowdown of the economy in the country promise a lacklustre Diwali for the real estate industry this year. To counter the downturn, builders are now in the process of offering discounts to lure prospective buyers.
Orbit Corporation Limited has announced a discount of 15 per cent at a residential project in Lower Parel and others are expected to follow suit. There still remain builders who are holding on to their prices in the hope that Diwali, considered an auspicious time by buyers to purchase flats, will revive the sagging market.
"We just hope that Diwali brings us some relief as we have suffered enough in the last four months," said Anand Gupta, secretary, Builders Association of India. "If things do not improve we will be seeing lot of distress sales and massive price cuts.
Well coming to the point of employees who are used to being pampered with expensive corporate gifts during the festive season will still get a corporate gift but not an expensive one .The company would have planned the gifting programme keeping a tight budget in mind .
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