Reputed real estate developers in Mumbai and many parts of the country have started selling their commercial real estate which includes office, retail and hotels, rather than leasing them out. The developers are ready to sell properties at a rate which is seen attractive by the buyers today. The appetite is to purchase, build and sell off projects, with the prospect of gaining immediate returns, according to experts. Raheja Corporation, which has huge office spaces in multiple projects spread across Pune, Hyderabad and Navi Mumbai, have started selling their office spaces. Not only that, various other subsidiaries of the Raheja Group have actually started the process of selling their office spaces across the country, including Mumbai, according to a company source.

Indiabulls Real Estate has recently started selling their office spaces based in Tulsi Pipe Road, Jupiter Mills and Elphinstone Mills. According to sources, “Indiabulls Center, which was leasing out office spaces, has now started the process of selling the office space completely.” Ashok Piramal group’s realty company Peninsula Land Ltd (PLL), which is developing commercial buildings in Ashok Gardens – a premium residential project comprising 2-, 3-, 4- and 5-bhk (bedroom, hall, kitchen) apartments located at upper Parel in Mumbai - is selling off the commercial building instead of leasing the property. Peninsula Land, which had sold off 5 lakh sq ft of Dawn Mills, is now in the process of selling complete 19 lakh sq ft. Realty major, DLF too is in the process of selling a part of its big commercial establishments instead of leasing. Competitor, Hiranandani Constructions is understood to have not entered into a single land deal since the past few months.

Anuj Puri, chairman and country head, Jones Lang LaSalle Meghraj, has cited various reasons behind real estate developers wanting to sell properties instead of leasing them. He said, “There are owner occupiers wanting to take the benefit increasingly of the properties on lease and wanting to buy. The lease rates are still high while there has been softening of the sale price and the builders need some cash flow.” When contacted, Sanjay Dutt, MD, Cushman & Wakefield said, “Today, real estate developers are willing to enter only those projects which can be purchased, built and sold off quickly and make money. Developers have started believing in futuristic games. Real estate market is here to continue very strongly in the long term. Real estate developers should also ensure to take steps.

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