As per the sources available to www.propertykhazana.com, home sales in Metro cities have been dropped and in reverse has enhanced in some of the petite places with the high values. Auction of the housing lands has come down by 18-28% in main metros and wetting the demand as mixture of the higher lands values, increasing housing loans prices and job cutting take a fee. Delhi, Mumbai and Bangalore points out the style according to the realty research firm Liases Foras. For example Bangalore is believed as one of the India’s quickly developing and main busy metros and has recorded 21% drop in housing locality auction.
Sanjay Dutt Executive of the business division of Jones Lang LaSalle India says that, “Housing transactions across the cities are dropping down, after the record leap in Delhi and Mumbai rates, level-II cities also got a boost. But 6-12 months later in the cities like Pune and Chennai also the auctions are on slide with the rate hike. Inflation rate of interest are mainly in charge for denting auctions, in the current situation high rated flats are not sold and only the middle-group section ventures are witnessing good sales.
Source revealed at www.propertykhazana.com further declares that in Tier-II there was a strike in the market and the realtors started ventures in the rich section after the real estate market turned better in March 2009, as the margins here are higher at 45-60% compared to 20-35% in the average income sections. Cities like Mohali, Chennai, Ahmedabad, Goa and Hyderabad are tagged as Tier-II by the marketers and saw a flood of larger list of developers starting ventures in that time.
Venkat R Narayana chief financial officer of the Prestige Group, Bangalore based realty company speaking to the www.propertykhazana.com said that, “Bangalore market in common has seen the fine auctions impetus and products in reasonable rate of Rs. 2,800-4,000 Sq.ft are doing well. In first 6 months we have witnessed new auctions price of Rs. 1,000 Crores and in next Q2’s we will be starting 2-3 new ventures in the housing sector and out that one will be in Chennai.”
Source: NIMMA BENGALURU
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