Realty volume slumps 20% in Aug

Volatility in the market and hike in policy rates by Reserve Bank of India (RBI) dampened sales of real estate properties with volumes declining about 20 percent in August 2011 compared to August 2010.Normally the real estate sales are down during the monsoon season due to slowdown in construction activities but the fall in sales has been particularly sharp this year.Besides slide in volumes, the real estate players fear about cancellation of bookings by many customers who apprehend further increase in home loan rates following frequent increase in key policy rates by RBI.Contact: Reserve Bank of India.Tel: 022-2266 0868. Website: www.rbi.org.in