Mumbai continues to be the costliest property market in India but the sales graph show this value has started taking its toll on the volume. Property registration in India’s biggest real estate market continued its slide and in September recorded a 29-month low at 4,137, down 22 per cent year-on-year.
Less launches, pragmatic marketing, innovative packages, product bundling and online brand promotion, the real estate developers in Mumbai are leaving no stone unturned to beat the inflationary pressure.
Mumbai continues to be the costliest property market in India but the sales graph show this price rise has started taking its toll on the sales figure.
While the real estate carries home the point that the very nature of business has gone for a change with second generation taking over the business, professionals driving the show and efforts for an overall image makeover.
While everybody, including the Finance Minister seems to be focussing on the affordable housing, the definition of the real estate at the bottom of the pyramid seems to be changing.
When a property dealer suggested Kartik Shah to set up his office at Navi Mumbai, instead of South Mumbai market, it seemed to be a sound business sense.
Unsold, vacant, no takers…these words aptly sum up the story for real estate developers into malls in India. Even though retailers are spreading their wings once again after the slowdown, the absorption of malls remains sluggish, leading to high vacancies.
Central Business Districts (CBDs) are supposed to be the lifeline of the city and a mirror of the economic activity and real estate market trend.
Real Estate developers across the country have termed the Union Budget 2011-12 as a tie cricket match which can’t be termed as won or lost. However, they are all unanimous that it is not a game changer budget for the sector.
With the reasonable expectation of a roof over the head not very long ago, the real estate boom in the last decade has scaled up the liberty of choice for the average home buyers. While the aspirations of even the middle and lower middle income with moderate budgets have gone up, there are very many residential projects launched in recent times that seem to fill the gap with the promise of faster deliveries, hi-tech amenities, luxurious lifestyle, lush green surroundings within the affordable range of 20-40 lakhs.