With real estate prices rising to exhorbitant heights, the realty market continues to remain stagnant as sales of apartments in Mumbai and its adjoining areas recorded the lowest figures in the last two years.
For the first time in the last three or four years, the weighted average price (derived from simple average) of residential property in the Mumbai metropolitan region — Mumbai, its suburbs and 22 civic bodies around — has gone down by a marginal 1 per cent in the last quarter.
After a painful wait of over six years, about five lakh families in urban India are likely to get possession of new homes this year. Property research firms Liases Foras and PropEquity as well as property consultancy CB Richard Ellis (CBRE) estimate that 4.5-5 lakh homes will be ready for delivery in 2013, the highest in a single year.
Developers in the Indian real-estate industry are adopting various marketing strategies to sell luxury homes. Over the past few months, a number of projects have been launched in the luxury and premium home segment.
Pankaj Kapoor examines the much needed stimulus to the Indian real estate market and the burgeoning rise in Tier-II and Tier-III cities. The dark clouds over real estate have begun to drift away to reveal a ray of light.
With established metros reaching saturation point, Tier-II and Tier-III cities could hold the promise of a better quality of life. CW PROPERTY TODAY gives you a realty check. With India actively working to recast its urban landscape
While the global outlook is disconcerting, it has brought in good tidings in the form of nearly $60 billion of savings owing to sub $30 oil prices. However, our stock markets indicate that the near-term outlook for India is yet to see a revival.