Real estate on way to resounding recovery
Puravankara has lined up 11 projects in FY21 with an investment of around ₹3,000 crore. Ashish R Puravankara, MD, Puravankara informed that its project launches garnered traction in terms of enquiries and bookings. Customers are now looking at projects that fulfil their post-COVID needs. The launches marked the company's re-entry into the Mumbai market. Despite a 56% fall in residential launches in the first half of the year compared to the second half of 2019, Anarock Property Consultants believes that consolidation in residential real estate is expected to gain ground, and branded players may garner a market share of 75-80%.
Brigade Group is planning to launch projects in the second and third quarters. Rajendra Joshi, CEO, residential business at Brigade Group informed that the total investment in these projects, located in Hyderabad and Bengaluru, will be over ₹1,000 crore. The demand for residential projects by brands like Brigade will continue to be there even in these difficult times. The projects are located across nine cities, with a total built-up area of 14.36 million square feet. In Mumbai, many developers are banking on Diwali to launch new projects. Pirojsha Godrej informed that Godrej Properties, which has 15 million sq ft of launches planned in FY21, is waiting for approvals. Gaurav Kumar, MD, capital markets and residential business, CBRE India, believes that the demand of the last six months, a reduction in interest rates of home loans, the availability of completed units, and the work-from-home imperative are expected to contribute to a strong recovery in the second half of 2020.
Published on:
19 August 2020
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