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adProperty News

     
 
Residential segment hopeful as prices stabilise'
Source : The Hindu Published On : 2011-06-04 City : Hyderabad

Residential segment hopeful as prices ‘stabilise'

Having started on a hopeful note, mid-way the year is yet to fulfil the hopes and aspirations of the real estate as far as the residential segment is concerned. Though some sort of positive vibes have been emanating from the buyers, the situation has not yet developed the way the construction industry wishes it to.

The number of enquiries had gone up considerably compared to last year and offices of developers are registering more footfalls but conversion rate to actual transactions have not been that heartening for them.

It's on recovery path definitely and good times are ahead as the prices have stabilised to a large extent, say the industry leaders. After going haywire and peaking unreasonably, the apartment prices have undergone correction and according to them, the process of rationalisation is through.

The most hit after the real estate boom went awry happens to be the projects that came with a spacious design, high-end specifications and naturally a higher price tag. Though these were the most sought after when the boom reigned, now the trend seems to be changing.

“Smaller and reasonably priced projects in a good location are doing well and there is no argument about it,” says Bhawarlal Jain, executive vice-president, Andhra Pradesh Real Estate Developers Association (APREDA).

As Mr.Jain points out, smaller apartments that are put in the market with a price tag that range between Rs.2,300 per sft to Rs.2,500 per sft have been more successful in finding buyers than the larger ones.

Another builder points out that budget housing, with measurements to the tune of 1,000 sft to 1,200 sft and priced at Rs.2,000 per sft or just above it, is not struggling that badly. The projects with size specifications of 1,800 and above are not moving ahead that fast in terms of sale and the same holds good with those priced at Rs.60 lakhs and above, says the developer. “This category is still waiting for buyers”. The response at different property shows and rise in enquiries from prospective buyers, actual end-users, has indeed brought some cheer for the builders.

“The appetite is there but we have to serve the product right,” says another. In a major shift from the boom-time, most buyers are now said to be evincing interest only in projects that are ready or nearing completion. The prices, most in the industry feel, are not going to go down any further. “They have reached what I can describe as rock bottom and will not fall more. This is the best prize that buyers can look to,” says Mr. Jain.

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