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Indian retail realty prices cooling, says Reliance

Indian retail real estate prices are softening and availability is rising as high interest rates crimp access to funds, slowing demand and forcing builders to sell, a senior Reliance Retail official said on Tuesday.

Retail firms are scaling back their expansion plans, and builders who had planned to hold on to properties, are selling space to tide over the cash crunch, Bijou Kurien, chief executive of Reliance Retail's Lifestyle unit, told Reuters.