Most of the developers agreed that cutting price is not possible for existing projects despite weak sales as it may lead to vicious circle of cancellation of contracts by existing customers after hearing about price cuts.
Majority of the developers want to use freebies as their first weapon to revive sales because they have to deliver the freebies and units only once construction is completed. Many of the developers alluded to us that they are already operating at a very thin margins given that cost of construction have gone by almost 20-30% in last 5 years.
