Looking at the softening real estate market, the Maharashtra Chamber of Housing Industry (MCHI), a powerful builders' pressure group, has called its members for a meeting next week to discuss steps to boost sales. "Prospective home buyers are not buying as they are waiting for interest rates to drop and property prices to correct. Genuine developers share a similar view but with the government not reining in the high labour, steel and cement cost, the builders are left to wonder how they could reduce prices to attract purchasers?" said Mr. Pravin Doshi, MCHI President. He added that in the meeting, apart from issues like prices of construction materials and interest rates, they will discuss various methods one could use to reduce the cost of construction.

riathareja