Developers have started launching new residential projects in the city and its peripheral locality at an affordable price.
After the long sluggishness, the real estate market seems to be looking up.
Developers have started launching new residential projects in the city and its peripheral locality at an affordable price.
Sources said there was a bit of clarity on the government front and the civic poll is also over. Many projects which were stuck at the approval stage in the last several years will soon be cleared under the new development control (DC) rules.
“Last time, there was a lukewarm response to the new launches. So, the developers stopped launching new projects,” a source said.
“Now, we can see more land deals happening because with the introduction of the new DC rules, the developers are sure how much they can build and sell. Several projects are in the final approval stage in the civic body and this will help developer to start construction of new residential projects,” he added.
Paras Gundecha, president of the Maharashtra Chamber of Housing Industry, said the picture would be cleared after 15 days. “Many developers are launching projects cautiously,” he added.
Sandeep Reddy, co-founder of Groff.com, the housing stock buying portal, said they have been getting good offers from the new housing projects. “We expect new launches to be priced 5% to 20 % lower than the prevailing market rates. The softer interest rates will drive a volume pickup in city,” he told DNA.
Anand Gupta, treasurer, the Builder Association of India, thinks otherwise. He said new projects are being launched but they are not many.
Developers are facing liquidity crunch, he said.
“Many new launches are the continuation of the previous half- built projects. We are in bad condition and the atmosphere is not good to invest money in the real estate sectors where the projects are getting stuck for several years,” said Gupta.
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