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Real estate prices to grow in India: Ansal

Real estate prices to grow in India: Ansal
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First Published: Fri, Aug 17 2007. 05 32 PM IST
Updated: Fri, Aug 17 2007. 05 32 PM IST
PTI
Chandigarh: Real estate developer Ansal Housing and Constructions Ltd. today said that real estate prices in the metropolitan cities will grow between 10-15% while 20-25% in small cities of the country during next 1-2 years.
Ansal Housing forecasted this growth despite the claims that property market in India is overheated.
“The real estate prices in Delhi, Mumbai and other metro cities will grow by 10-15% and on the other hand, the prices in smaller cities will increase by 20-25%,” Ansal Housing & Constructions Ltd, Director, Kushagr Ansal told reporters here today.
Although the overall scenario of prices in the country tends to remain bullish yet there are certain pockets in which the market has shown sign of overheating, he opined. “There are some places like Gurgaon where the real estate market has reached its peak but in other parts of the country the prices will grow,” he said.
“During the development of real estate in Agra and Indore by our company, we observed that the real estate prices in these areas have increased by 20 and 30% respectively,” he said.
Meanwhile, Ansal Housing & Constructions Ltd. today announced plans of developing the residential township in Karnal at a land that stretches to 99 acres involving an investment of Rs150 crore.
The company also plans to develop similar townships in Zirakpur, Jammu, Kurukshetra, Panchkula and Yamunanagar in the coming years, he said.
Having posted a turnover of Rs200 crore last year, the company expects an increase in total turnover by 60% in this fiscal.
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First Published: Fri, Aug 17 2007. 05 32 PM IST