<p><i><b><span style="font-family: &quot;Times New Roman&quot;;">The Twin Cities of Bhubaneswar &amp; Cuttack have seen a spurt in Multi-storeyed buildings coming up recently.</span></b><o:p></o:p></i></p> <p style="text-align:justify"><span data-preserver-spaces="true" style="font-family: &quot;Times New Roman&quot;;">Wherever you see in these cities these days, one can see old buildings&nbsp;</span><span data-preserver-spaces="true" style="font-family: &quot;Times New Roman&quot;;">being torn down</span><span data-preserver-spaces="true" style="font-family: &quot;Times New Roman&quot;;">&nbsp;&amp; open plots in and around the Twin Cities</span><span data-preserver-spaces="true" style="font-family: &quot;Times New Roman&quot;;">&nbsp;</span><span data-preserver-spaces="true" style="font-family: &quot;Times New Roman&quot;;">a&nbsp;</span><span data-preserver-spaces="true" style="font-family: &quot;Times New Roman&quot;;">huge</span><span data-preserver-spaces="true" style="font-family: &quot;Times New Roman&quot;;">&nbsp;Real Infrastructure Buildings are coming up at a&nbsp;</span><span data-preserver-spaces="true" style="font-family: &quot;Times New Roman&quot;;">huge</span><span data-preserver-spaces="true" style="font-family: &quot;Times New Roman&quot;;">&nbsp;space.&nbsp;</span><span style="font-family: &quot;Times New Roman&quot;;">There was a Supply &amp; Construction of Residential and Commercial Spaces mismatch&nbsp;and&nbsp;hence&nbsp;citizens&nbsp;of the Twin Cities were lapping up Properties at will.</span><o:p></o:p></p> <p style="text-align:justify"><span style="font-family: &quot;Times New Roman&quot;;">But the equation has changed these days as demand has spiralled down owing to an oversupply of finished Construction high-rises. The prices have gone up unabashedly. The Banking Sector has become conservative in extending Housing Loans as the money supply in real terms has come down with the salaried class owing to pressure in disposable income&nbsp;owing&nbsp;to Inflationary Pressure.</span><o:p></o:p></p> <p style="text-align:justify"><span style="font-family: &quot;Times New Roman&quot;;">Hence&nbsp;one&nbsp;can see &amp; feel the heat in the Real Estate Companies in closing sales.&nbsp;These companies are facing a recessionary trend with scores of Completed Real Estate staring at us&nbsp;in the face. The Real Estate Companies are thus advertising more &amp; several Discounts and Offers are being made to attract new customers and retain the existing ones.</span><o:p></o:p></p> <p style="text-align:justify"><span style="font-family: &quot;Times New Roman&quot;;">The likely solution seems to be a cap in new projects coming up in a clutch for the next few months. Real Estate Sales were driving the economy in the country&nbsp;and&nbsp;now the exact reverse is happening. Rational thinking is the need of the hour in investments now in this sector in the immediate future Like an oversupply of high-rises in the Twin Cities of Cuttack &amp; Bhubaneswar, the Malls face dwindling sales &amp; falling footfalls.</span><o:p></o:p></p> <p style="text-align:justify"><span style="font-family: &quot;Times New Roman&quot;;">The sales are dropping to pretty low levels as customers are shifting to Online Purchases from the comfort of their homes. Besides the Offers &amp; supply to homes directly, the severe heat conditions, several Malls in the Twin&nbsp;City,&nbsp;are severely impacted. Four Malls are seeing Shop Closures &amp; hugely dwindling sales as the Outlets are unable to meet targets as Competition from Online&nbsp;Shops,&nbsp;that are&nbsp;increasing&nbsp;hugely,&nbsp;and impacting the Brick and Mortar outlets as Customers are changing buying habits regularly and shifting to Online Buying heavily. This&nbsp;pattern of shift&nbsp;from Mall Retail Sales to Online Buying&nbsp;is impacting&nbsp;the survival of Malls &amp; they look like Ghost Halls with almost no business activity.&nbsp;This&nbsp;is a huge problem and must&nbsp;be attended&nbsp;to immediately by the concerned parties urgently&nbsp;or&nbsp;it will pose immense problems in future.</span><o:p></o:p></p> <p style="text-align:justify"><span style="font-family: &quot;Times New Roman&quot;;">This&nbsp;is an Indian Phenomenon &amp; scores of Malls are facing imminent closure as sales are plummeting, revenue receipts are low&nbsp;and&nbsp;all this will lead to job losses, mounting energy bills and as Malls try and leverage sales by trying to push sales with Offers &amp; Discounts, fed by increasing Ad Budgets too. Overall&nbsp;it&nbsp;is not a Happy Situation for the Mall Management&nbsp;to be in.</span><o:p></o:p></p>