Mumbai and Bangalore realty firms steal the show in 2012
In the end of the year 2012, the performance of the National Capital Region lagged when compared to other major cities like Bangalore and Mumbai. This was due to the moderation of sales which were initiated due to the lack of new launches.
According to a report, various Bangalore-based developers outperformed other markets, whereas Mumbai developers showed signs of recovery. Bangalore based developers like Puravankara, Sobha, Prestige and others outperformed due to the large availability of mid-income projects and constant demand.
However, the realty revival signs in Mumbai are quite obvious due to the strong pre-sales by India Bulls Real Estate and Oberoi’s maintaining sequentially steady pre-sales. It is expected that the stated launch pipeline will aid further boost in Q4 FY13 followed by a steady revival in FY14.
According to reports, Puravankara projects witnessed an increase of 101 percent in terms of net profit to Rs. 64 crore followed by increased sales of 60 percent. The CMD of Puravankara stated that t heir latest lunched pipeline in both Provident and Puravankara will help in the continuity of the momentum.
On the other hand, there was 28 percent increase in the net profit by Rs. 51.60 crore by Sobha developers with a boost in sales of about 36 percent, i.e, Rs. 427 crore. The vice chairman from Sobha stated that the real estate market in Bangalore has witnessed tremendous resilience despite market headwinds and is likely to witness greater growth and development.
Realty developers like Oberoi Realty and India Bulls Real Estate in Mumbai performed well as Oberoi Realty had a jump of 32 percent in net profit from Rs. 134.46 crore followed by sales of 42 percent with 308 crore. On the other hand, India Bulls witnessed a threefold jump in net profit with Rs. 18.86 crore.
Also one of the leading players in NCR, Unitech experienced a drop of 86 percent in net profit to Rs. 39.29 crore with sales remaining unchanged at Rs. 254 crore. Henceforth, most developers are expecting a real estate boost from the upcoming budget.
Related Real Estate News:
Mumbai, Bangalore, Delhi on the bottom of investment destination list
Real estate ranking dropped in Mumbai, Delhi, Bangalore
Bangalore and Mumbai, Bangalore-based developers, India Bulls Real Estate in Mumbai, Mumbai real estate sector, National Capital Region, Puravankara Projects, Real Estate Market in Bangalore, Real Estate market in india, real estate mumbai
