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« Real Estate Investors may have Lost One-Third Investment | Home | Shares of Real Estate and Banking Fall on BSE »

DLF Launches Phase II of its Project in West Delhi

India’s largest real estate developer DLF is showing signs of greater confidence. It is launching the second phase of a project in West Delhi at about a 30 per cent premium to the price of the flats it sold in the same project a few months ago. In a sure shot sign of a revival, DLF, back in business, is set to launch the second phase of the Swatantra Bharat Mills project, one of the most expensive land deals ever.

NDTV learns from sources that phase II launch can be expected by August end. This phase will have 1,400 flats, and will be priced at Rs 7,000 per square feet. The first phase was sold by DLF in the range of Rs 4,500-Rs5,500 per square feet. DLF officials are confident that even at 35-40 per cent premium over the first phase, the company will be able to attract interest of investors and end-users, considering the fact that during peak, flats in the locality were selling at more than Rs 15,000 per square feet. Interestingly, some Delhi-based property dealers operating in West Delhi say that even SBM phase I flats are commanding Rs 8,000-Rs 9,000 per square feet in the secondary market.

Following the response that DLF had attracted in SBM phase I, many real estate developers had decided to go affordable in the national capital region. These include Unitech, which is selling apartments for as less as Rs 1,900 per square feet in some parts of Noida. BPTP has launched floors in Faridabad at just Rs 15 lakh. Also, Assotech, which had priced its luxury project Celeste in Noida at a whopping Rs 4 crore plus range, has now brought the price down to just about Rs 45 lakh, but of course, it has also cut down on size and features to accommodate the price cut. Meanwhile, Raheja Developers is giving final touches to an affordable housing project in South Delhi.

Navin Raheja, MD of Raheja Developers, said, “It is now a proven fact that only houses that can be afforded by the common man attract interest. We have realised this, and therefore, most action is in that segment.” Evidently, the real estate companies have realised that the mantra for survival is selling flats and not selling stakes and surplus land banks. Flats in turn can only attract end user interest if they are affordable.

News Published Under:   Real Estate Developers | No Comments »

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