India property looks set for a strong recovery in 2010 as dozens of developers report surging sales for their luxury developments. Surprisingly the reports of surging sales are not only in Mumbai and Delhi, but also in Hyderabad, Pune and Bangalore.
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.
In Hyderabad, Dax Properties Pvt Ltd (part of Countryside Realtors Pvt Ltd) has sold 65 to 70 villas in its Golf Retreat Project since the launch last month. Costing Rs 1.2-2.5 crore each, they vary from 500 sq yards to 2,000 sq yards.
More : property-abroad.com
Send an E-Mail for Delhi Property Enquiry!
Related News from Delhi
Property brokers are taking advantage of the slowdown in the residential real estate market by increasing the commission they charge from developers. As house and apartment sales sag, brokers, who typically charged 2-5% of the value of the property as commission, are demanding as much as 8-9%.
The slump in sales is so dramatic that developers are willing to pay a higher commission, says Sanjay Sharma of Gurgaonscoop.com, a website on the real estate market in Gurgaon, a New Delhi suburb. Earlier, an 8-9% commission was given by weak or smaller developers… Now the trend is even developers of large luxury
This festive season may be a good time to buy your dream home, for property developers are showering discounts.
Most realtors are already advertising cash discounts of 5-10 per cent on upfront payment and buyers can get up to 25 per cent discount if they book properties and are willing to wait for two to three years until possession. According to consultants, developers may even give 15-20 per cent discount on the price as they are eager to clear inventories.
Normally, the October-December period accounts for 60 per cent of the sales. What is worrying developers is the sharp decline in property
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
Property firms are launching housing projects and raising pitch for ongoing ones in the hope of making decent sales going into the festive season. The mood among builders may be buoyant, but very few believe price hike is possible as demand is still hesitant and new supplies are hitting the market.
The festive season, which usually begins late September with the Hindu festival of Navratra and continues up to Christmas, often sees higher sales of property, cars and other durables.
Last years festive season was a total washout. But this time indications are that we are back to normal, said Mumbai-based
Indiabulls Securities Research has recommended a buy rating on Unitech in its July 01 report. Unitech Limited operates as a real estate development company in India and internationally. Its real estate projects include residential complexes, golf course communities, integrated townships, amusement parks, commercial offices, IT parks, and
retail malls
Indiabulls report says, Unitechs stock is currently trading at a 19.8 percent discount to our Net Asset Value (NAV) of Rs.103. We believe that the stock has a long-term upside potential, primarily due to the increasing residential sales volume coupled with the company's comfortable liquidity position. Hence, we recommend buy rating
