Realtors Pin Hopes On Festivals

General | By mahendra | 2009 Trackbacks (0) Add comment   

PROPERTY firms are launching new housing projects and raising pitch for their ongoing projects hoping to make decent sales going into the festive season. The mood among builders may be buoyant but few believe price hike is possible as demand is still hesitant and new supplies are hitting the market. The festive season, which usually begins late September with Hindu festival of Navratri and continues up to Christmas holidays, often sees higher sales of property, cars and other durables in India. “Last year’s festive season was a total washout. But this time indications are that we are back to normal,” said Mumbai-based Lodha Developers director Abhisheck Lodha. He said property firms usually make 30% of their sales in one and a half month between Navratri and Diwali, and this time will be no different. Last festive season, though, was disastrous. Lehman had just collapsed plunging the entire global economy in a crisis and driving away homebuyers fearing for their jobs.

Mr Lodha is planning to launch two new real estate projects, comprising apartments priced over Rs 1 crore, in Mumbai’s suburbs of Andheri and Thane. So far, the slow return of housing demand was scripted by lower-priced homes. But Lodha’s offerings indicate the builder is confident of getting buyers to high-priced segment as well. Similarly in Delhi, DLF is preparing to launch over 1500 apartments in a project in which it sold 1350 apartments just six months ago. DLF says it is yet to fix a price or number of apartment to be sold for the project, but brokers on behalf of DLF are offering apartments at a 30% premium to the first phase price. “If a location has a very good demand and not enough supply, prices will go up,” says DLF executive director Rajiv Talwar. Delhi may be one such market because it has lived under state-controlled DDA’s monopoly for long and has not many private developers building homes. But price rise is not something many are really betting on. “Housing demand is not going to rise dramatically in a hurry. The market remains price-sensitive and any attempt at price hike will adversely impact demand,” says Vipin Aggarwal, principal of $200-million India Industrial Growth Fund. Agrees Pradeep Jain, chairman of Parsvnath Developers and head of the NCR chapter of industry body CREDAI, “We have requested all developers not to increase prices. If we increase prices in the next six months, it’s likely that demand will be hurt and we may get into that vicious circle of lower demand and higher debt.”


While some firms like DLF & Omaxe believe price rise is imminent, others like Parsvnath have decided to keep prices steady to encourage demand Last festive season was disastrous. Lehman collapsed plunging the economy in a crisis and driving away homebuyers The festive season, which usually begins late September with the Hindu festival of Navratra and continues up to Christmas, often sees higher sales of property, cars and other durables

Quinn Group Unveils Q-City In Hyderabad

General | By mahendra | 2009 Trackbacks (0) Add comment   

Quinn Group, a leading business conglomerate from Ireland, has unveiled Q-City, a Class-A commercial building in Hyderabad, which sets a new benchmark in quality commercial real estate. This is the first offering in India from Quinn Property, the division of Quinn Group, specialising in development and management of premium quality commercial real-estate for lease. Q City Hyderabad, a signature property located at Gachibowli, in the midst of marquee organizations like Microsoft, Infosys, Wipro, Computer Associates, UBS, Franklin Templeton, Polaris, ICICI amongst others. Q-city is a modern international office development consisting of two blocks with a total built-up area of 1.2 million sq.ft. Speaking to mediapersons here today on the launch of their first project, Peter Quinn, Head-Quinn property said, "India is an exciting market for us with immense potential in the commercial real-estate space. The location where Quinn developed its first project is one of the most prominent ones in the South Asian region with the presence of many marquee organizations and with many more planning to set-up operations".

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