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THE FINANCIAL EXPRESS Article Real estate cos offer discounts to prop up sales volume Amidst the global economic slowdown, builders are charting out plans to start construction of premium 2 and 3 BHK apartments and offer the apartments directly to end —buyers, instead of investors, at affordable 25% price reductions in metros by 2011. DB Realty—a Dynamix Balwas Group company—is planning to launch four premium residential projects in Mumbai. Nabil Patel, director, DB Realty said, “ We are soon starting construction of premium residential project, ‘Orchid Suburbia’ with 2 and 3 BHK apartments in Kandivali, Mumbai which is scheduled to be completed by 2011. The apartments will be sold to end-buyers, instead of investors, at Rs 5,500 per sq ft at an affordable 25% price deductions (between Rs 48 and Rs 80 lakh). This is because; we are able to buy land at lower rates." Industry experts believe that the levels at which land rates will sink in suburbs, will be higher as compared to that of South Mumbai. Competitor, Ajmera Group which offers 95% of its apartments to actual buyers and the remaining to investors has recently started construction of 2 and 3 BHK apartments in Borivali, Mumbai. scheduled to be completed in the next two years. According to Dhaval Ajmera, managing director, Ajmera Group, “We will be offering 2 and 3 BHK apartments to actual buyers at competitive prices, despite slowdown in demand.“ Mumbai-based K Raheja Property is planning to enter the East, especially. Kolkata to set up high rise premium 2 and 3 BHK apartments apart from other Tier 2 and 3 cities Meanwhile, Puravankara Projects is in the process of setting up 2 and 3 BHK premium apartments which will be offered at affordable prices to actual buyers. according to Ravi Ramu, director. Puravankara Projects Ltd. Emaar MGF is currently building housing between Rs 30 lakh and Rs 40 lakh targeted at the mass market in Delhi and Chandigarh. The company sources said. “We are also planning to build premium homes once the demands for mass housing market are met and land prices drops so that we can offer premium 2 and 3 BHK at affordable prices.“ According to Pankaj Renjhen, MD. Jones Lang LaSalle Meghraj “We expect many developers to reduce prices by next quarter. Since their capacity to hold on to their initial rates will have depleted by then. However‘ buyers are awaiting reductions in both property rates and loan rates, so the RBI will have to make its own contribution on the front.

Nabil Patel DB Realty - THE FINANCIAL EXPRESS Article  

DB Realty—a Dynamix Balwas Group company—is planning to launch four premium residential projects in Mumbai. Read Financial Express article a...

Nabil Patel DB Realty - THE FINANCIAL EXPRESS Article  

DB Realty—a Dynamix Balwas Group company—is planning to launch four premium residential projects in Mumbai. Read Financial Express article a...

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