In response to the Public Eye dated December 17, 2008, Koshy Verghese, Managing Director of Value Designbuild Pvt. Ltd., writes: The article was well written except the standard line about delays by small builders being the worry. It is most unfair. The delays are across the board and involve big and small builders. Many of the small builders have not over-leveraged and are only facing problems due to the poor sentiment on account of defaults which are not their making. Please correct the wrong impression.
Vittal K. Shetty of Bannerghatta Road writes: Real estate prices must come down by at least 75 per cent in Bangalore. If investors could lose nearly 90 per cent, is it not fair to expect the real estate developers to reduce the price by 75 per cent. If they do not do this, no one will come forward to purchase the flats even if credit is available at zero per cent. Unless price cut is made, there will not be any demand whatever may be the interest rate and whatever may be the size of the stimulus package.