Piyush Goyal asks property developers to cut prices to survive downturn

Unless you reduce your rates, you will be stuck with your inventory, Goyal said to developers.

The Union Minister of Commerce & Industry Piyush Goyal in a webinar with real estate developers on Wednesday asked them to reduce prices and sell their inventory rather than wait for the market to bounce back.
 
“We are trying to see whether we can bring in some consession in ready reckoner (or circle) rates. But if that does not happen, you have to sell the inventory. Unless you reduce your rates, you will be stuck with inventory," said Goyal.
 
"You can be stuck with inventory and default or get rid of whatever you quoted at high prices. Consider