Pointing out that sales in the current festival season have declined by about 40-50 per cent, the company's chairman Pradeep Jain said: "Non-performers have to go away...cost-cutting measures will start in 15-20 days".

He, however, did not specify the number of people who will be retrenched. The company currently employs 1,400 people and about 30,000 people are indirectly employed, Jain said.

"No percentage in mind," he said, when asked to put a number on non-performing employees. The company has not yet begun the process of identifying the non-performers.

He, however, clarified that non-performer would be replaced by good professional, which are currently available in the market in good numbers.

Asked about the property sales in the ongoing festival season, Jain said, it has dropped "significantly" compared with last Diwali and infact have fallen by 40-50 per cent.

Despite slowdown in the demand, he said the company has raised its property price by an average 15 per cent from January onward.

Speaking on behalf of the industry, he said the sector does not want any bailout package and government needs to increase liquidity in the market. He pointed out that banks have not cut the interest rates even though RBI has brought down the cash reserve ratio.