Hot Market Trends in January 2010

News Posted - 2010-01-20

Spurt In The Sales Of Luxurious Houses:-
Last year, in December, a large chunk of DLF's sales was from the luxury and semi-luxury segments. The company sold 76 apartments of Rs 5 crore each in The Magnolias, Gurgaon, netting nearly Rs 400 crore. On the other hand, Indiabulls Real Estate has sold 100 apartments in its 65-storey 'Indiabulls Sky' in the Lower Parel area of Mumbai in the past four months. In Hyderabad, Dax Properties Pvt Ltd (part of Countryside Realtors Pvt Ltd) has sold 65 to 70 villas in its Golf Retreat Project since the launch of the project last month. At Rs 1.2-2.5 crore each, they vary from 500 sq yards to 2,000 sq yards. Meanwhile, in Pune, Kumar Builders sold 77 flats within a short span of time in its premium project, 45 Nirvana Hills, where apartments are priced above Rs 1 crore. The IT city, Bangalore is may also see more luxury projects in the category of Rs 4 crore-plus by developers such as Prestige and Nitesh Estates, as developers have witnessed good response for the premium products in the past three months. 14 Jan 2010 Business Standard
Decline In The Number Of Homebuyers In Mumbai:-
There has been a steady drop in the number of homebuyers in Mumbai over the last two quarters. Blame it on builders who are constantly raising prices. Liases Foras, a real estate research firm, said there were approximately 20,500 buyers for new flats in March-June 2009, and only 17,000 in July-October. Builders justified the hike. "All materials - cement, steel, etc - have become very expensive. We have to pass the cost on to buyers to guard our profits," said Mr Sukhraj Nahar, chairman of the Nahar Group. But this argument did not convince analysts. They warned against getting carried away by the rise in number of bookings after the real estate slowdown. 13 Jan 2010 Hindustan Times (Mumbai)
Unitech Books Massive Sales :-
Unitech Ltd has been able to book sales worth Rs 5,553 crore in the first nine months of the current fiscal. As per the operational update released by developer for investors, the company was able to deliver area of 5.62 million square feet by December and would deliver another 17.05 million sq ft by March 2011. The numbers highlight a recovery in demand in India's property market as homes and offices buyers return on the back of low mortgage rates and lower prices, after the global financial crisis in 2008 had cut off funding and demand. The realtor generated an average realisation of Rs 4,225 per sq ft, from which residential accounted for Rs 3,733 sq ft and commercial sales of Rs 6,401 sq ft. While Mumbai contributed about 12% of total saleable area booked between March and December, Gurgaon contributed 47%, Chennai 13% and Noida and Greater Noida collectively contributed 19%. 12 Jan 2010 DNA
Bangalore IT sector In Realty Purchasing Mode :-
As the IT sector in Bangalore trundles back on purchase mode, Hyderabad displays a cautious sentiment owing to the current political situation, it is mixed sentiments for some players in the real estate industry. "The IT customer is back on track," Mr Sunil Mantri, chairman of the Sunil Mantri Group, a leading real estate firm in Bangalore, said. However, while the IT city of Bangalore has given the realty sector reasons to smile, Hyderabad has become a cause for worry. 13 Jan 2010 rediff.com