developers report increasing luxury property sales in india
News Posted On: 18 January 2010
India property looks set for a strong recovery in 2010 as dozens of developers report surging sales for their luxury developments. Surprisingly the reports of surging sales are not only in Mumbai and Delhi, but also in Hyderabad, Pune and Bangalore.
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 last month. Costing Rs 1.2-2.5 crore each, they vary from 500 sq yards to 2,000 sq yards.
“There are takers from all over the country,’’ says Hassan, managing director of Dax. Another developer, Aditya Housing and Infrastructure Development Corporation, has sold 20 villas out of 30 at Empress Park in the Jubilee Hills area of Hyderabad. Each villa costs Rs 3.5 crore.
Those are all snippets from the report into the boom by the Business Standard publication. This is not the first report of positive news on India's property market, but it is one of the most positive. India's property market never crashed, in that none of the developers went out of business or any of that ugliness.
What did happen is that foreign demand for property dropped off a cliff and the developers survived by targeting the domestic, affordable segment. This latest report indicates that foreign demand may well be on the rise once again.
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