Sale Volumes up in Real Estate

By Dr. Sanjay Chaturvedi:

A grand successful property exhibition organised by MCHI and CREDAI in Dubai in the first week of June gave a sigh of relief to the struggling real estate market. When asked, Keystone group alone sold twenty five flats in the exhibition and many hot deals to be closed soon. Nahar group, who have recently launched four towers at Nahar Amrit Shakti near Powai returned with handsome sale. Likewise all the participants are happy that they could sale their stocks in various projects, especially in Mumbai and its extended suburbs in the exhibition. A NRI trend in buying spree was reported in the last issue of Accommodation Times is proven in the event.

A large number of visitors have shown positive interest from the Gulf, which gave a breathing space to fund starved real estate sector.

Mr. Zubin Mehta, CEO, MCHI, just before the exhibition in Mumbai said that this time we are sure to materialize the sale effectively since the time and venue is good beside the fact that NRI are waiting for us.

At home, sale zooms to average 900 flats sold per month in all the circles of Registration office since October 2008 till date. The average sale recorded in 2006-2007 was 800 documents registered. The discounting factor and much needed amenities with soft approach of builders was that all needed for such revival. The rates are still down by 40% since 2007 level. Developing zones like Mira Road, Thane and Navi Mumbai gave extra discount to budget home hunters.

In Pune, sale volumes are high. The biggest volume recorded in Sinhagad Road and likely to add further. Other areas on the outskirt of the city too getting great demand but with a request for further discount the prices of 10 to 20%.

In Delhi and NCR, new constructions have started in full swing after new set of institutional finance now available to the developers. The sale recorded in all the zones is up by 35% since last October.

In Bangalore, the sale volume with discounted prices is up by 20% since January. The month of May seems to be the lucky month for all the under construction projects. Corporate are on buying spree in the region.