As per the sources available with www.propertykhazana.com, auctions of rich residences in metro and big cities are comparatively turning low; developers are aiming at the petite cities and towns. Godrej Properties Ltd announced a lavish inhabited venture in August and each of its 245 apartments had rated at Rs. 80 Lakhs to Rs. 1 crore and similarly the Raheja Universal Ltd is constructing waterfront in Mangalore in the same budget. Godrej Avalon and Raheja Waterfront are of half a dozen lavish housing ventures which came up in the Coastal City. Executive of Raheja Universal said that, “We are setting up the gated community idea in Mangalore and it is a way to check the market and then to plan ventures in other cities. These are not very big ventures; we have a short development time for 3-5 years and therefore are fewer dicey.” Developers are checking out the auctions of rich residences in big cities like New Delhi and in Mumbai and the realty market is not that productive for high end and big budget projects.
In Delhi and Mumbai the lavish residences buy and sale transactions are severely hit due to the rising prices in the real estate segment. “In Mumbai and in Greater Mumbai the average price for a flat is Rs. 2 Crores and in Gurgaon it is Rs. 1.97 Crores,” said the Chief Executive of Liases Foras Pankaj Kapoor.
Source revealed at www.propertykhazana.com said that, at least 10 developers with DLF Ltd, Omaxe Ltd, and Orbit Corp. Ltd. and Tata housing Development Co. Ltd. are planning to launch dwellings at Rs. 1-5 Crores in petite cities. Gulam Zia, National Director of Knight Frank India Pvt. Ltd. said, “Developers are experimenting with petite cities of Delhi and Mumbai where the best housing are still in new idea.” it is estimated in the sector that if the undertaken implementations works out then the concept shall be extended to almost all the cities and towns in India.
Source: NIMMA BENGALURU
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