09 Jun 08 Real Estate Sector down in dumps as SENSEX tanks

The real estate industry is facing the heat of the rising inflation in India. The SENSEX tanked by close to 450 points today and the real estate sector was the worst affected in this crash. Share prices of DLF and Unitech which areÃ‚Â the top 2 Indian real estate developers, tumbled. DLF was down by over 7% today while Unitech was down by close to 8%. If the inflation is not contained, the real estate industry is likely to be the worst affected since the huge supply both in the residential as well as the commercial space, which is coming up in the next 12 to 36 months will have no takers at all. Real Estate developers are already seen slashing prices and offering gifts and discounts to property buyers in order to lure them into buying appartments.

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