Those who are waiting to own a house are suddenly spoilt for choice. The residential real estate market is witnessing a spate of new launches across the country. The offerings range from premium housing to affordable ones and are getting a good response from buyers.
Abhishek Kiran Gupta, head (research), Jones Lang LaSalle Meghraj, international property consultants, says: “After July 2009 till festivities, the projects were clearly categorized into two segments: affordable category and mid-end to high-end housing. After witnessing huge sales in the affordable category, developers increased the prices at the end of previous year by 15% in some parts.”
In the affordable category, the rates are up by 5-10% since July and that in the mid- to high-end segment by 20%.
Samantak Das, national head (research), Knight Frank India, a consultancy firm, says, “In the coming months, there will be some hike in rates. In the mid-level housing segment, developers will have profit of 20-25%, but price hike may lead to a dip in sales.”
Good opportunity:Several developers have launched new residential projects, including affordable and premium housing, across the country. Indranil Bhoumik/Mint
Mumbai has witnessed new launches from Indiabulls Real Estate Ltd and DB Realty Ltd. Indiabulls’ projects offer premium housing in the range of Rs27,000-30,000 per sq. ft in Lower Parel area. DB Realty’s project is selling at Rs27,500 per sq. ft in Prabhadevi. Some new projects are also coming up in Kandivali from Hiranandani Developers Ltd and Ekta World, in the lower range.
Delhi-NCR has a mix of project offerings. Most of the recent launches are in the peripheral areas of Gurgaon and Noida. Supertech Ltd, Amrapali Ltd and Prateek Buildtech India Pvt. Ltd have launched their township projects in Noida.
The rates are in the range of Rs1,800-2,500 per sq. ft. Gurgaon is still leaning towards the premium side. Emmar MGF Ltd’s project at the National Highway 8 offers a rate of Rs3,499 per sq. ft, while another premium project from Pioneer Urban Land and Infrastructure Ltd is offering a rate of Rs5,000 per sq. ft.
Other metros, such as Bangalore and Hyderabad, have also witnessed new launches.