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Realty developers to reassess on hotel properties

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Land Developers who are foraying into the hotel segment are in for stormy times as forecasters are witnessing quandary in 3rd quarter of Fiscal Year 2009 when hotel construction is likely to decline, said an industry expert. Sanjay Dutt, Joint MD at realty consultants Cushman & Wakefield India Ltd. said to the www.propertykhazana.com that, “Hotel industry was likely to add 50,000 keys at present year but has already fallen to 30,000. This figure will be pushed further and there are hotel portfolios that are for auction where developers who had given entry to the market in the previous 3-4 years are selling their lands to launch hoteliers such as Taj or the Saraf Group and to PE players.”
Sky-scraping basic rates and decreased travel by corporate started to effect the hotel segment. Dutt also said that, “Developers witnessed a tenancy level of almost 90% when they proclaimed the ventures. But an improvement followed dropping tenancy levels to less than 60%. In addition, increasing debt is a big issue with developers whose stability sheets are now extended.” The majority of the developers and consultants expect that the 2009 general elections and the configuration of a constant government will recover the environment and the market is likely to improve by 2011. For more updates on realty market browse www.propertykhazana.com.
Source: NBTVLIVE

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