![]() ![]() However, markets are more realistic now."Īshutosh Limaye, associate director of strategic consulting at property consultants Jones Lang LaSalle Meghraj, said this happened because developers decided to reformat their large, luxurious projects to build smaller apartments at reduced prices.įor instance, Grande, which had been launched as an ultra-luxury residential project in Noida, was relaunched by its developer Unitech Ltd-now with a major portion converted into smaller flats available at discounted rates. These markets are still lagging behind active markets of Delhi-NCR (National Capital Region) and Mumbai. “But one has to look at other regions such as Kolkata, Pune, Chennai and Hyderabad. “Recovery has been relatively faster in pockets such as south Delhi and south Mumbai, parts of Gurgaon, central Delhi and Bangalore," said Magazine. Today, however, the cycle has turned once again, at least in some parts of the country. The situation was exacerbated by falling investor confidence, and from their peak levels in 2007, real estate prices came crashing down by 30-40% during 2009. People became cautious about spending, and were reluctant to invest large sums in buying homes. However, it changed in late 2008, when the global economic slowdown started creating uncertainty over jobs in India as well. But the Indian market was only marginally affected. Ltd, a property consultancy.Ī slump in the US market hit real estate worldwide in early 2006. “This time, residential real estate demand did not let the global slump affect the Indian market (for too long)," said Anshuman Magazine, chairman and managing director, CB Richard Ellis South Asia Pvt.
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