Realty to stage a strong comeback in H2 in 2017: Pirojsha Godrej

Real estate is likely to see a strong year in 2017, that is the word from Godrej Properties.In an interview to CNBC-TV18 Pirojsha Godrej, MD and CEO of Godrej Properties said growing incomes, negative interest rate growth and increasing real estate affordability coupled with zero price increases can help the realty sector make a very strong comeback in the second half of 2017.He added that customers are coming back to real estate as situation is improving after the demonetisation drive. Pirojsha said though slowdown is evident, it persists across all markets. However the likelihood of a persisting slowdown is overblown, he said.He maintained that a 25 percent price reduction is unsustainable and if absolute lack of demand continues for another year the sector could see price cuts close to 25 percent.He said though black money situation did result in some amount of demand build-up, the level of demand attributed to black money is overstated.Pirojsha maintained a bullish view on the year ahead and said strong pipeline combined with a slew of important upcoming launches will give a big leg up to the company's pre-sales numbers.Watch video for more..