So if you are looking to buy a house and are looking to bag a great deal, you might have to till May or June 2009.
Builders are under huge pressure because many apartments and commercial properties that they have developed -- through money borrowed from banks -- are lying unsold, thereby increasing the burden on them. They thus are left with no choice but to sell these apartments at rates lower than what they are today.
Builders have for long been able to ward off the challenge: instead of dropping prices, they have been offering extra amenities and freebies to buyers. But even these overtures have kept buyers away.
Thus analysts believe that property prices are about to fall as builders begin to get back their investments and pay their loan instalments. This will also help them go on to newer projects as some of the big real estate companies expand their business across the country.
So hold on till May 2009 before you buy that dream home.
Image: A commuter drives through a new housing development the Palm Meadows Villas Complex in Bangalore. | Photograph: Dibyangshu Sarkar/AFP/Getty Images
Also read: US crisis: Boom time for law BPOs in India
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