Indian land deals may drop above 20 per cent this year: C&W
Realty consultant Cushman & Wakefield today said that Indian realty is likely to witness around 25 per cent drop down in land deals around Rs 15,000 crore as a result of decline in demand.
According to C&W, smaller realty developers would end up buying most of the lands this year than top players.
India had seen land deals worth Rs 20,000 crore in 2011. And in this year, out of the expected transactions, Rs 7000-8000 crore have already taken place said Sanjay Dutt, Executive Managing Director (South Asia ) of Cushman & Wakefield (C&W) to PTI.
Dutt added that NCR and Mumbai will alone account for 60-70 per cent of the total deals, along with some top tier I cities. Some tier II cities will also witness some deals.
The sales of housing units have fallen by about 30 per cent across the country in the last one year while property prices have extremely gone up in some places in Mumbai and NCR in the last two years, which has led to slowdown in demand.
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Source: Business Standard
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