RE developers report 50% increase in sales

Real estate developers have reported up to 50% increase in sales during the first half of festive season and expect the momentum to continue till Diwali despite the hike in interest rates. Developers like DLF, M3M, Signature Global and Gaurs Group have reported an increase in interest of homebuyers. M3M India’s luxury residential project ‘M3M Capital’ recorded Rs 12 billion in sales during the 10 days of Navratri. “The Navratri festival has been extremely good for the real estate developers. Irrespective of change in repo rate by RBI, the sentiments of customers and investors in the residential sector are only becoming more aggressive. Certainly, there is a spike in the customers’ demand for luxury residential segment, falling under Rs 5 crore budget,” said Pankaj Bansal, Director, M3M India. Gurugram in particular is attracting more young millennials and startups due to a growing highway and expressway network. “The festive season has only brought more energy to the sales, and as a real estate developer, we are confident that this momentum will continue further,” Bansal said. Real estate sales, both in residential and commercial segments, were brisk and in tune with the all-round positive vibe. See also: Haryana plans to invest Rs 1 trillion in Gurugram Global CityYEIDA plans mixed land-use scheme for industries, housing