Mumbai: Construction company Patel Engineering has managed to find buyers for nearly 150 of the total 1,400 affordable apartments in its
Bangalore township, Ashwin Parmar, director, business development, said.The studio, 1-BHK (bedroom, hall & kitchen), and 2-BHK apartments measure 360-865 sq ft and cost between Rs 8 lakh and Rs 22 lakh.
The company has not yet allotted flats to the buyers, who have booked the apartments. The 1 million sq ft Patel Smondoville Neotown, the company's first residential project, is located in the Electronic City. Patel Engineering carries out real estate development through its subsidiary Patel Realty India (PRIL).
When a home buyer books an apartment, he pays about 10-20% of the property value upfront and pays the rest through the period of the project. If the developer does not complete the project on time, he pays the buyer a penalty.The company aims to complete the township in two years and plans to have 1,400 affordable apartments.
Published by Newsroom November 16th, 2009
in City Scape and Newsbytes.
Mumbai Delhi continues to be the preferred choice of developers and investors in the real estate sector, with
Mumbai a close second. This is among the findings of a FICCI-Ernst & Young report, Staying real in India: What makes lndian real estate resilient and an exploration of opportunities?, released at the FICCI Real Estate Summit on the ranking of top 30 cities of Indiain 2008.
According to the report, the residential segment is the most resilient asset class and leading the way to recovery. The mature markets of
Delhi and
Mumbai saw the high end residential segment continuing to be relatively strong compared to the rest of the country, though sales had considerably slowed down. Even investors expressed a preference for the residential segment for funding with 80% of the investors expressing a preference for the sector. Prices in the middle income segment are currently stable, rising only marginally in select locations.
Some of key factors that have helped
Delhi retain this rank are the fast paced improvements in physical infrastructure such as the functional metro railway, modernisation of the international airport, road widening projects, and dedicated efforts to make the ring roads signal free.
Published by Newsroom November 16th, 2009
in City Scape and Newsbytes.
Mahindra Life-spaces Developers Ltd, part of $6.3 billion Mahindra Group, is setting up a Rs 400 crore residential project at Mahindra World City, near
Chennai.
The company has joined hands with Philippines-based Ayala Corporation for executing this project. Announcing this at a meeting here in
Chennai, Arun Nanda, executive director, Mahindra and Mahindra Limited and vice-chairman Mahindra Lifespaces.
Developers Ltd, said, "The new project 'Aqualily' will be set up on a 55-acre plot and will have 760 units, of which 610 would be apartments while the rest would be homes and villas." He noted that the entire project would entail investments of around Rs 400 crore and will be funded through equity debt and internal accruals.
"The cost of the villas and twin houses range from Rs.l crore and to Rs.1.75 crore while apartments would be priced Rs.40 lakh onwards," Mr Nanda said.
Published by Newsroom November 13th, 2009
in City Scape and Newsbytes.
The price of real estate in the city, which was on a low for most of last year, has stabilised and in fact posted a bit of a rise in select locations, if recent research by real estate advisory firms are any indication. Importantly, commercial real estate including retail spaces which took a bigger hit in the wake of the economic slowdown, is also showing an upward trend as demonstrated by the plans of some major world bands to enter the city, the reports said. The trend is in keeping with developments witnessed nationally. The realty scene in major cities in the country has seen higher levels of activity after the early signs of an economic recovery both in India and internationally, said the quarterly report of realty research and advisory firm Cushman & Wakefield (C&W).
The report for the third quarter of the year (July-September) observed that the market was characterised by a positive sentiment and increased activity was witnessed. "The city witnessed the launch of various residential projects in the third quarter across many micro markets in both mid- and high-end segments. Capital and rental values appreciated across the city in the third quarter," the report observed. However, values are still below their all-time highs by about 10-30 per cent in
Pune, the report said.
Published by Newsroom November 12th, 2009
in City Scape and Newsbytes.
After almost a year of lull due to the economic downturn, the real estate sector in the country's IT capital is slowly picking up and is all set to focus on the middle and upper middle segments, where it envisages huge potential. Customising their offerings, builders are keen to capture these segments, which are witnessing increasing demand.
For Mantri Developers Pvt Ltd, "the recession for all practical purposes is over as far as the real estate sector in the city is concerned". The
Bangalore-headquartered group, which has been in the business for over 10 years, admitted that there was "slackening in demand from October 2008 to 2009. Prices had hit rock bottom and customers were holding back, anticipating further slash in rates".
But post-April, there has been a surge in sales in the industry as customers realised that "there would be no further decrease in prices", an official of the firm said on condition of anonymity. The firm, which is looking at the upper middle class and high-end segments, sees a rise in demand in both, more so in the upper middle category. "However, despite the slowdown, demand never slackened in the high-end segment", the official said. The firm's two ongoing projects, one in the high-end (ranging from Rs one crore to Rs 10 crore) and two in the upper middle class segments (priced at Rs 35-70 lakh) will be completed in another six to eight months.
