Some facts about the panic situation In Gulf countries.
1) There is a panic situation in Gulf countries about the layoffs amongs the expatriates. All major projects are on hold and thousands of labours and engineers recruited for these projects are got terminated.
2) In a 3 months time traffic in UAE reduced atleast 30 % due to slowdown.
3) 60 % of the real estate sales in Kerala is from NRI community from GCC.
4) Recently, sobha developers called me and offering 30% discount for their ready to occupy luxuary flat in bangalore.
5) Because of high exchange rate most of the people to loans in last 6 months and most of them trapped in the layoffs happed in last 2 months.
In this panic situation, who will think about to invest 30 lakhs rupees in 1100 sq. ft apartment.