The countrys largest real estate developer, DLF, sold apartments worth Rs 1,000 crore in December. This is the highest monthly sale the company has recorded in its history. There are many developers like DLF who have seen a surge in the sale of apartments across the country in the quarter ended December, especially in the luxury and semi-luxury category.
A large chunk of DLFs sales are also from the luxury and semi-luxury segments. It sold 76 apartments of Rs 5 crore each in The Magnolias, Gurgaon, netting nearly Rs 400 crore. The project has apartments of 5,825 sq ft each and duplexes and penthouses of 9,000 to 10,000 sq ft each.It made another Rs 200-300 crore each in its relaunched projects, DLF Belaire and Park Place, in Gurgaon. Belaire had a price of Rs 2-3 crore each and Park Place of Rs 1.25-1.5 crore.
Indiabulls Real Estate has sold 100 apartments in its 65-storey Indiabulls Sky in the Lower Parel area of Mumbai in the past four months. It has also recently launched Indiabulls Sky Suites with full-age advertisements, promising A head in the clouds experience. While, apartments in Sky were priced at Rs 6.75-22.5 crore, depending on the size, Sky Suites are expected to be higher.Indiabulls is also working on a super-luxury, By invitation only, Indiabulls Sky Forest, where homes are more than 10,000 sq ft each and priced 10-20 per cent higher than Sky projects.Buoyed by response for its premium housing projects, Orbit Corporation, another Mumbai-based developer, says it will launch one luxury project in the city every quarter.
More : bignews.biz
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Under weakening property market conditions, realty major Unitech has been forced to develop its Rs 15,000 crore worth high-end luxury housing project in Noida as an integrated township, aiming to boost sales.
Unitech had launched Unitech Grande project in Noida in July 2007 on a 340 acre plot that it had won in May 2006 by outbidding bigger rival DLF for whopping Rs 1,582 crore.
Earlier, the company had planned to build 5,300 flats targeting high-net worth individuals and NRIs for the ultra luxurious project. But, the buyers for the
No frills, Simple homes reads the banner hanging in the Delhi headquarters of Unitech, Indias leading property developer.
Its a mantra that has been taken up by realtors across the country with a new-found passion for affordable housing that owes little to their social conscience and everything to their bottom line.
The global economic downturn ended a four-year property boom in India that had largely been driven by the luxury housing segment and saw a near three-fold increase in residential prices in major cities.
Now developers are turning their attention to middle and lower income buyers and low-cost housing that offers lower profit
The real estate sector, which has been languishing for some time, appears to have found its feet with focus on affordable housing and this may reflect in the June quarter results of the companies. The move has led to higher sales for many companies, but on the flip side, it has also impacted the margins negatively. The reason being that the mid-segment housing is a high volume, low margin business.
The June quarter results, therefore, may be a tad better on a quarter-on-quarter basis. But much lower than those reported in the corresponding period of the previous year. The average
DLF Ltd., India's largest property developer by sales, said Tuesday it sold 2,500 housing units in the first quarter ended June 30 as residential demand rose between 15% and 20% during April and May.
Sales in April and May were exceedingly good in Delhi, Gurgaon, Bangalore and Hyderabad cities," DLF's group executive director, Rajeev Talwar, said at an industry conference.
Demand also picked up in Chennai and the southern state of Kerala, he said.
Increased borrowing costs and high property prices in a slowing Indian economy reduced demand for residential apartments, shopping malls and cineplexes last year.
More : online.wsj.com
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