Mumbai real estate builders expressed their hope of getting a festive turnaround. Real estate Property exhibition held at Mumbai had really showered some rays of hope to the developers.
Real estate developers say prices are not likely to fall soon despite the fact that the sale has been very down. The overwhelming response the builders witnessed at property exhibition had kindled new hopes in the real estate builders.
Most real estate developers had their upcoming projects on display. The real estate developers, who complained of the sluggish sale, expressed their hope in this festive season. They all hope that the festival season will bring some cheer to the real estate market.
Real estate Property exhibition was organized by MCHI-CREDAI (the Maharashtra Chamber of Housing Industry-Confederation of Real Estate Developer’s Association of India).
Till Saturday, the exhibition witnessed nearly 62,000 visitors. Figures prove that the number of visitors is more than that of the previous year.
Mr. Raj Parekh, director of Bhoomi Realty said that most of the people are showing interest in 1-BHK and 2-BHK apartments. He added that the Mumbai suburbs such as Borivali, Bhayander, Ghatkopar and the Mira Road have aroused more demand this year.
The property exhibition show that the luxury segment is not demanded highly. Most consumers preferred either 1 or 2-BHK apartments or flats. Figures showed people’s readiness to move into 1BHK and 2BHK flats which range from 1-crore to 4-crore.
Mr. Vinit Dhanki, sales and marketing manager at Parinee Real Estate Developers, expressed a similar view. He explained luxury flats of 3 and 4 BHK are not highly demanded by the people as earlier.
Nearly 15,000 properties by more than 120 developers were on display at the property exhibition. These properties covered the whole Mumbai city and its suburbs. 1 BHK flats were sold at an average price of 70 lakhs while the average price of 2 BHK flats was calculated 1-crore.
Central suburbs and South Mumbai have been receiving number of luxury projects. Despite these luxury projects low end residential projects which fall between the ranges of 50 lakhs to 1-crore, are demanded highly, disclosed a real estate developer.
Pointing to the increased land cost and production costs the developers said that the price is not to fall at any cost. Moreover the difficulty in getting the government approvals also assure that the price will not fall down in near future, a developer added. Mumbai real estate properties will see an upward growth, he concluded.