Mumbai's builders descend to NCR in droves

A large numbers of real estate builders from Mumbai are heading north, sensing an opportunity to capture part of one of the most sought-after realty markets in Delhi and NCR region. These builders plan to launch new projects either on their own or through acquisitions and joint ventures (JVs). Opportunities for development as well as a fall in land prices following a prolonged slowdown in the sector have become a big draw for well-funded developers from Mumbai, such as Shapoorji Pallonji, Kalpataru and Dosti Realty, which have followed the likes of Godrej Properties to the region. Shapoorji Pallonji Real Estate is looking to launch and acquire a couple of projects in the NCR, mainly in Noida and Gurugram, said its CEO, Venkatesh Gopalakrishnan, adding that sales prices have corrected in the NCR. Land prices, he added, had fallen significantly in the region, presenting a clear opportunity to buy land and launch projects. As a matter of fact, prices have fallen by about 15% in key micro markets of Noida and Gurugram, and by 20% in peripheral locations of Ghaziabad and Greater Noida in the last four to five years. Another property developer Kalpataru recently launched its maiden project in Noida Sector 128 on the Noida-Greater Noida Expressway and is looking to launch more projects across the segments. said an official spokesperson.