labour costs are going up supply needs to be augmented to see any price correction said hiranandanimost developers say it is still early days in the festive season and expressed confidence that booking will pick up dharmesh jain chairman and md of nirmal lifestyle a mumbaibased developer remains confident that demand exists we are sure we will be able to convert most of the enquiries into bookingsbut lenders and analysts feel the slowdown is for real and inventory levels are steadily rising on builders books every year neednt be a bumper year said sandeep kotak executive vicepresident commercial real estate at kotak mahindra bank obviously theres a slowdown compared with previous year as long as home loan rates continue to be over 10 a significant improvement in home sales is unlikelymadhukar ladha realty analyst at brokerage hdfc securities says it is only a matter of time before the pressures start showing with inventory in mumbai rising to 108 million sq ft equivalent to 40 months sales and increasing pressure on developers from banks and investors to sell in order to generate revenues a correction of 1015 is expected during festive season he saidtough goingin centres other than mumbai and delhi some signs of stress are showing in bangalore some builders are offering discounts of 1015 on upfront payment to serious buyers incentives such as complete home furnishing free stamp duty and registration are being offered by builders a similar trend is seen in chennai and hyderabadthe festive season is unlikely to have any bearing on the real estate market said irshad ahmed president of irshad property matter a bangalorebased brokerage theres too much uncertainty and we do not expect transactions to increasefarook mahmood of hyderabadbased brokerage silverline group says no discount is being offered by big builders in the city there has been little slowdown due to multiple interest rate hikes hyderabad has also seen a drop in sales due to the telangana issue he said in ahmedabad developers are offering discounts of about 5 experts say a price correction looks imminent although developers are talking of a price rise of 1015 after diwaliin kolkata sales in the lowend segment have been affected but only marginally because of high interest rates buyers are still in the market although some of them have lowered their space requirements to adjust their budgets to high prices and rates in pune another relatively stable market the sales scenario is gloomy but that has not prevented prices from going upbookings have slipped about 30 so far against the corresponding period last year said nitin degaonkar founder director of home buyers combine this should have been reflected in the pricing with 1020 cut however average prices in pune have moved up by 10 in the last six months apparently due to cartelisationadditional inputs from anuradha himatsingka meenakshi verma ambwani sobia khan anuradha himatsingka and avinash nair