Parsvnath Developers presented gloomy second quarter results on Monday, November 7. Its net profit dipped 41.5 per cent in the quarter ended September to Rs.29.08 crore from Rs.49.97 crore in the corresponding period last year.
It may surprise to many, but the fact is that the housing finance sector has steadily and consistently been posting impressive growth, despite the numerous challenges in the sector.
The level of FDI in the real estate sector is unlikely to show a quantum jump this year, courtesy a slow GDP growth rate, high debt levels of the real estate developers, labour shortage and economic crisis in the US and Europe.
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.
Housing supply is estimated to fall short of demand by 1.3 million units in seven major cities of the country during the next five years, according to a report.
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.
The festivities around Navratra and Diwali are known to cheer up the sentiments of the property market.
Property registration in India’s biggest real estate market Mumbai continued its slide in August and touched a twenty-seven month low.
The real estate sector in Pune has taken the Reserve Bank of India’s (RBI) announcement to increase the repo rates in their stride without much cribbing.
The repo rate hike by the Reserve Bank of India (RBI) by 25 bps seems to have spoiled the festive spirit of the real estate sector.