DLF to Slash Price, hints Job cut

As the credit crunch continue to hit hard at every ones living room, not many is in mood of buying property even after slash of interest rate for home loans from most of the banks. And people started to go for a hard bargain with the builders. It has changed the real state business from “Seller Driven” market to “Customer Driven” Market
As a result of which real estate biggies like DLF has slashed prices about 15 % while the firm hinted that unless the housing market improved, it could resort to “some kind of cutting” of jobs.
Pointing out that the property market had come to a “virtual shutdown”, with sales declining to 10-25 per cent of normal volume, DLF Ltd vice chairman Mr Rajiv Singh said new projects would be offered at cheaper rates. “New project of ours will be competitively priced. As we look and go forward, we expect price levels to come down another 15 per cent if the economic uncertainty continues,” said Mr Singh.

Ref:DeccanChronicle

--Gopi