Date:23/11/2008 URL: http://www.thehindubusinessline.com/2008/11/23/stories/2008112351130501.htm

Back `Slowdown a boon for home buyers'

Bangalore, Nov. 22

Allaying fears that the slowdown in the economy spelt `gloom for the property market,' Ms Renu Sud Karnad, Joint Managing Director, HDFC Ltd, said "this may be a boon to the country's middle class whose housing problem will get solved". Speaking to newspersons here after inaugurating HDFC's new branch at Marathahalli, Ms Sud Karnad said that current real estate prices were unaffordable. According to her, after a price correction, people with family incomes ranging between Rs 20,000 and Rs 40,000 per month could afford to buy homes. Terming these as challenging times, Ms Sud Karnad said that the next 6-9 months would not be easy for the developers. Driven by market forces, they would be forced to reduce real estate prices. In her opinion, prices should see a correction of at least 10-15 per cent in the next few months. - Our Bureau