Lucknow the city of nawabs is going through a very bad phase in its real estate market, as most of the real estate companies who had invested in the real estate market are not even making break even on their investment. The most common reason given by these companies is delays in government approvals, impending land clearances, protests from farmers, abundance of inventories compared to investors, weakening consumer sentiment because of poor economic growth and sluggish pace of construction.
Apparently, not far away in the Northern Capital Region(NCR) the property market is at its boom, a s a majority of players are in profits. Experts feel this is a temporary phase and in 2013 things will improve. Says Raman Chandra a real estate developer, “Market right now is bad, but we are hopeful that things will improve soon. As people are ready to spend money on property.”
