Residential properties no more affordable
The real estate market in India is expected to pick up in the second half of 2013 as the country’s economic front witnessed some improvement.
The developers are planning to give some pre-launch benefits to attract home buyers and at the same time, they are also planning to cut short on amenities and facilities of the projects in order to make sufficient sales at an affordable price.
The residential property prices in cities like Mumbai have crossed the limit of affordability but however, this is not going to harm the process of real estate in India because of the higher cost of land acquisition.
Anuj Puri, Chairman & Country Head, Jones Lang LaSalle India, said that the developers are already annoyed with the increased cost of construction and cost of license.
The developers have been offering freebies to enhance sales in the residential real estate market but this tricks are not going to help the builders any more due to constant increase in real estate prices.
To make the projects affordable and more marketable from a pricing point, the developers have drastically cut short on amenities. In the first half of 2013, easing of liquidity with the prime objective of reviving the GDP is expected and base rates are likely to fall.
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