DLF defers few hotel, housing projects

Subscribe to Oneindia News

New Delhi, Nov 18 (UNI) Faced with slump in realty sector due to ongoing global financial crisis, the country's largest real estate developer DLF Ltd today said it has put on hold some of its hotel and housing projects.

''We have deferred some residential, commercial and hotel projects due to lower demand and liquidity crunch,'' company Chairman K P Singh told reporters here on the sidelines of India Economic Summit.

He, however, declined to comment on the number of projects that have been deferred, Expressing concern over the high rate of interest which is curbing the demand, Mr Singh said it should be brought down to seven per cent.

Asked if current prices of realty projects are inflationary, he denied, saying, ''It cannot be inflationary as it has to be competitive. It also depends on supply and demand." Real estate prices have cooled off this year after a boom in past three years. However, analysts see a sharper correction in next six months.

UNI TEAM AK AS1622

Please Wait while comments are loading...