On July 16, 2008, Parsvnath Developers Ltd made a bold statement. A top official confirmed that they had no intentions to reduce the prices of their properties. Pradeep Jain, the chairman and managing director, emphasized that price reduction was not an option.
"There is absolutely no question of reducing prices," Jain said. "Prices have to go up." He explained that rising input costs would eventually be passed on to the consumers, indicating an unavoidable price increase.