DLF, Unitech, HDIL & Puravankara line up 60 million square feet of new launches.
Top real estate developers are trying their best to make up for lost time. Buoyed by encouraging response from home-buyers for their marked-down properties, companies such as DLF, Unitech, HDIL and others have lined up housing projects of over 60 million square feet — all in the current financial year.
This is more than double the sales bookings in the past financial year.
Presentations by these companies to analysts show that Unitech is leading with 27 million square feet of new launches. DLFs tally is 15 million square feet, roughly the same as last years. Puravankara and HDIL follow with 6 to 9 million and 8 million square feet respectively.
Mid-income housing is the flavour of the year and accounts for around 90 per cent of the projects. After a prolonged lull in the property market in 2008, which saw sales declining 70 per cent from their peak, the big developers moved into the mid-income segment and cut prices 20 to 30 per cent to generate liquidity.
More : business-standard.com
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Construction firm Unity Infraprojects today said it will develop two mixed-use housing projects aimed at middle-to-high income segments in Kolkata and Bangalore with an investment of around Rs 500 crore.
We have already acquired 37 acres of land in these two cities. Work on the projects will kick off next quarter, company Chief Operating Officer Yogen Lal told PTI.
The total cost of developing the projects would be around Rs 500 crore, including Rs 90 crore for acquisition of land.
More : economictimes.indiatimes.com
It was touted as a realization of the ultimate middle class dream houses that fit the pocket. Just that it went bust. Months after developers flooded the market with housing projects tagged as affordable, there seem to be very few takers. The reason: the actual area of many of these flats is far less than usual. Others are being rejected because of poor location.
Said Renu Chaddha (name changed), who had bought a flat in an affordable housing project that was launched in Faridabad earlier this year, and is looking for another property to invest in. At that time, only
Value buying is back in business. Realty buyers are primarily looking at the sub-40 lakh category to fulfill their dream home aspirations and it is the 2BHK which has emerged as the preferred format for buyers in these times.
SundayET spoke to a cross section of real estate developers, brokers and bankers to assess the ground situation on the kind of housing format and home loan size that is now gaining maximum flavour.
Most developers agree that the current hotselling flavour of the market is apartments ranging between Rs 25 to 40 lakh. According to Rajeev Talwar, group executive director,
Taking advantage of the fall in property prices, real estate firm Anant Raj Industries plans to invest Rs 450 crore to acquire a land bank, which it would use for developing low-cost housing in north India.
The Delhi-based firm has Rs 750 crore as cash-in-hand, out of which, it has earmarked Rs 450 crore for land acquisition while the rest would be utilised to complete existing projects.
We feel this is the right time to look at low-cost housing and the most important element of low-cost housing is land which is now available at an attractive rate, the company Director
Realty firms are using profits from their residential projects to keep commercial property projects going, which are otherwise stuck due to lack of funds. As residential projects ensure steady cash flow, developers are giving varied incentives to consumers to keep housing projects order books full.
Although commercial projects give twice as much return to realty developers compared to residential ones, the payment model for commercial and residential projects differ. The cash flow for residential projects is steady and regular as the buyer either makes a one-time down payment, or pays in regular installments if it is a construction-related plan.
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