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Mid size developers and builders revising rates to retain their business

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Land rates are reducing on an average for about 35% in India from the last 5-6 months; many common developers are attempting to renegotiate the joint development agreements (JDAs) which they had signed with property-owners earlier.
Director of C&W said to the www.propertykhazana.com that, “Renegotiations have finally started to happen with a fall in property rates.” All leading realty Players signed JDAs, when the realty market was at the top. At the top of realty market, many midsize developers found it costly to purchase property at very expensive prices in cities like Gurgaon, Bengaluru, Hyderabad and Pune and then, JVs emerged as the best choice. Edelweiss Capital Realty Analyst said, many of these JDAs were done, when market was highly booming.
In the market, such developers are forced to give economic housing which will be futile, if they do not agree to give low priced units to customers; they have to get land at a much lower cost. Realty specialist said to the www.propertykhazana.com that, “Property value and auction rates and risk profile of ventures have been changed significantly and so, the structuring parameters will have to be used accordingly.” There are some developers who are attempting to come out of the deals totally. Property-owners have become more moderate now-a-days and they are also ready to negotiate, as they know that the market is slow and might be hard to get a deal in this situation. Developers and property-owners are renegotiating both on time and on percentage, in a renegotiation bumping between the developer and property-owner in Pune, the property appraisal has been clinched to 15-20% low.
Source: NBTVLIVE

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