[INDIA REAL ESTATE NEWS] Good morning, everyone. I’m Shashi kant shukla |
staff of Kamagroup Pvt. Ltd. Here I have important INDIA REAL ESTATE news to
share with you which is as mentioned under.
MUMBAI: At a time when the real estate market is in a slump, half a dozen
affordable housing projects financed by HDFC’s $1.1-billion real estate fund have
sold between 50% and 100% of the inventory, HDFC chairman Deepak Parekh said
on Monday. “The key to success is the right price, right size and right developer,”
he told TOI.
Godrej Properties, which launched a 1,190-apartment complex in Pune in March,
on land bought by HDFC’s fund, saw 71% of the apartments being booked at an
average sales price of Rs 5,200 per sq ft. “A demand transformation has taken
place with the customer profile moving to end users because there is no
appreciation and rental yields have come down to 2%,” said Parekh. Even among
end users, the demand is in the affordable segment where builders get tax
exemption and buyers get a credit-linked subsidy from the government. “The
demand in this segment is insatiable,” said Parekh.
Another affordable project by Mahindra Lifespace in Boisar, where the average
price was Rs 3,200 per sqft and launched last year, has 90% of apartments
booked in the under-construction property. While HDFC as a housing finance
company cannot invest in land, the HDFC Capital Affordable Real Estate (HDFC
CARE) fund invests in projects in partnership with reputed names. The $1.1-billion
fund has 82% contribution from an arm of Abu Dhabi Investment Authority and 9%
each from HDFC and National Invest ..
Read more at: https://economictimes.indiatimes.com/wealth/real-estate/smaller-cheaper-flats-to-revive-housing-demand-hdfc-chairman-deepak-parekh/articleshow/71271497.cms
Kamagroup Pvt. Ltd.
Have a nice day.