Builders should lower home prices, clear inventories: Uday Kotak, President, CII

NEW DELHI: Real estate developers must lower home prices to clear unsold inventories so that buyers can get places to live at affordable prices, new CII President Uday Kotak said on Thursday.

During his first press conference as the new head of Confederation of Indian Industry (CII), Kotak said he is in agreement with Commerce and Industry Minister Piyush Goyal on the issue.

The video conference was organised by the National Real Estate Development Council (NAREDCO) where Goyal said: “You have to complete your projects before you sell because buyers will not buy under-construction projects. In my life, I will not buy an under-construction flat from anybody.”