Optimism – or Denial? Indian real estate magnate Niranajan Hiranandani does not expect property prices, which have dropped by about 25% in the past year, to decline any further. “Rates have fallen by about 10-25 per cent over the past year-and-a-half. I do not expect rates to fall any further. So, I think people should start buying homes now,” Hiranandani Constructions Managing Director Niranjan Hiranandani said last week.
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One of the top real estate firms in Chennai, Appaswamy Real Estates Ltd. is a subsidiary of The Appaswamy Group of Companies. A leader in the real estate business in Chennai, the firm has existed in the city since 1958. From the first few investment properties that Appaswamy Real Estates Ltd constructed in Chenai, their work has spoken of the standard that the firm has kept up with. A few outstanding characteristics of the company are its commitment to completion of projects on time, prices with an affordable range and absolutely no complaints from their clients.
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Golden Homes Pvt. Ltd., over 16 years since its inception, has become one of the foremost real estate and developers in Chennai. Among its projects, there are several that have become a favorite among real estate investors in the city, are prime locations.
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Mumbai real estate developers, Housing Development and Infrastructure Ltd, is predicting a drop in real estate values all over the country of 25% this year
But their predictions don’t hit the Mumbai property investment market really hard as they say that their prediction of the drop will exclude Mumbai which will experience considerably less of a hit – a 10 per cent drop instead. Prices they say, in Mumbai will fall by 10 to 15 per cent. This expected fall in Mumbai’s real estate rates will be lower than the rest of the country’s rates because of the constraints in supply.
Like any of the other the rates of investment property in Mumbai are going up with absolutely no limit whatsoever. The rising trend of price rises of investment property in India, and particularly in Mumbai is unfortunately going bonkers – not because there is a need to price it that high or that life has just got a lot more costly to justify it.
Mumbai’s real estate bosses were forced to take some drastic measures to keep up interest in investment property in Mumbai after there was a slump in the beginning of July. The total real estate intake of the city was been left at just thirty percent of what it was. Ofcourse prices have been affected by this slump with them going done anywhere between 10 to 15 per cent in most places. Industry insiders say that this is also the case in Delhi.
The Reserve Bank of India’s decision to revise the repo rate and cash reserve ratio is another blow to the Indian real estate industry — which is already burning under a slowdown and price correction.
A number of people are moving from the current abodes in the Chennai metropolis to the southern suburban areas. This is mainly due to their search for unpolluted, clean air, away from the hustle and bustle of city life. Moreover the land is much cheaper in the suburbs.
Every day that passes sees your building passing through many structural changes. Across Mumbai, there are many buildings that are under severe structural damage. Nearly 500 crores of Rupees is spend each year for restoration of buildings in Mumbai and this figure is likely to go up in the coming years.
A monsoon investment property bonanza was held from June 20th to 22nd with the Times Property Expo at Bandra. This event was held at Hotel Taj Lands End. Well known developers from the metros such as Pune, Delhi, Hyderabad, Bangalore, Mumbai amongst others displayed all their various projects that they had as well as the projects in the offering.
