Godrej Properties Ltd, the real estate development arm of the Godrej Group and ICICI Bank, India‟s largest private sector bank, signed a Memorandum of Understanding (MOU) on extending their projects and financial services to customers in various geographies.

Under this tie-up both entities will host various co-promotional activities for customers in India as well as for NRI's in UAE, Singapore, USA & UK. GPL will showcase their sustainable homes while the ICICI Bank offering is designed to provide an attractive proposition for home loan.

Property prices begins to move

Property transactions in major Indian cities were down by 20-40% for the past 6-8 months owing to high property prices & home loan interest rates. Buyers adopted a wait and watch approach. With unsold inventory piling up in all major cities, it was widely expected that property prices will come down.

As per the October 2011 MPI released today, the national index stood at 1483 compared with 1495 in the corresponding month last quarter, this is a drop of 0.8%. The fall in national index is attributed to the softening of property prices in key cities like Hyderabad, Bangalore, Mumbai & Ahmedabad, which fell by 21.6%, -7.8%, -5.6% and -2.8% respectively over the last three months. Giving support to the index were the property price movements in cities of Kolkata, Pune, Chennai and Delhi NCR that rose by 17.4%, 12.4%, 9.1% and 4.2% respectively over the last three months.