new delhi countrys largest real estate developer dlf has cut its prices in its ongoing projects in chennai and bangalore by 2030 and has extended this benefit also to those customers who had earlier bought homes in these projects existing customers who have paid more than the revised apartment price will be eligible for refund although there may not be many such cases as most have made only part payment the company said dlfs decision which international property consultancy firm dtz described as bold is likely to force other realty companies to bring down prices dlf may also bring down prices of its projects in other cities as well a company official saiddlfs move is similar to what countrys largest bank state bank of india did in the home loan and auto loan market the sbi has slashed home loan rate to 8 for all new borrowers for the first year of the loan term fuelling a turf war with private sector mortgage lenders but unlike dlf the bank didnt extend this facility to its existing customersdlf has revised it prices downward by 17 to rs 2650sqft in its gardencity dlf omr project in chennai comprising 3500 apartments of which 2000 have already been sold the company has slashed prices by 32 to rs 1850sqft in bangalores bannerghatta road the bangalore project has a total of around 2000 apartments the company also recently launched a housing project in hyderabad at rs 1850sqft which is substantially lower than the market price a dlf spokesperson said the companys decision to reduce prices was in response to the changed conditions in the real estate sector due to unprecedented global events and changes in the raw materials costs dlfs latest move is in line with the thoughts expressed by its vice chairman rajiv singh at the quarterly earnings announcement almost a month ago he had said that the property prices would fall by 1520 he had also highlighted the need to take the lead and quickly turn in products that are required in the current market by the time one gets ready with products the business cycle has already turned and there are not many takers for such products he had saidseveral analysts have been saying a 3035 decline in prices was essential to spur demand for property customers wary of high property prices and finance cost and uncertainties regarding their own future due to poor job market scenario slid into the wait and watch mode late in the second half of last year as sales dried up credit became expensive and private equity funds vanished property firms faced major pressure on their cash flow developers though have been slow in reacting to the market changes dlfs latest decision to cut price can potentially influence the entire market dlfs bold move will prompt other companies as well to reduce prices said dtz india ceo anshul jain dlfs closest rival unitech which hasnt launched any new project of late said it is still watching the