Turning a setback into an opportunity by realtors
The real estate industry had been in the throes of a slowdown in the past few years and many developers have decided to bide their time usefully. They are busy in buying land banks at various prime locations in metros and wait for the demand to start picking with improvement in macro economy by the end of 2014. This trend clearly shows that some real estate companies have mastered the golden art of turning a setback into an opportunity.
It is speculated that this strategy could pay very good dividends. Tata Housing Development Company, the realty arm of the Tata group, has lined up plans to expand and strengthen its ‘quality land bank’ across various metros in the country. They are cashing in on the general slowdown in the property market.
The ultimate objective is to eventually utilise this land bank to create ultra-luxury properties on these lands. They are just waiting for the market to turn around. To start with the company has teamed up with Kolkata-headquartered Keventer group to expand its land bank in the city.
The Tata Housing-Keventer joint venture has already firmed up its possession over a three-acre land parcel at Kolkata’s prime and plush locality, New Alipore. Since Tata’s headquarters are in Bihar, they always had a strong hold in the Eastern India. Now the wait for the favourable times has started.
Source- Financial Chronicle
Kolkata-headquartered Keventer group, Realtors, Tata Group, Tata Housing-Keventer joint, Tata Vision
