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DLF to Push a Price War in Chennai
| August 21, 2007 |   (4 votes, average: 3 out of 5) Loading ... |
Indian real estate giant DLF is all set to bring a property rush in Chennai. The company will soon introduce a residential project in Chennai’s IT hub, Mahabalipuram at half of the price quoted by other renowned builders.
DLF has purchased two 60-acre chunks of land to construct 4,000 and 5,000 housing units, including apartments, exclusive villas, and row houses. The prices for these housing segments will start from Rs 2,700 per sq ft. against market price of Rs 3,500 per sq ft.
Real estate developers such as Purvankaras, the Hiranandani Group, and the Mantri Group have fixed the price of Rs 4,200 a square foot.
Such a lower pricing will help the DLF to capture the market. With this, other builders will have to lower their price to stay in the competition if not ahead of it.
With around 16.5 million square feet of residential space under development on Mahabalipuram Road, residential projects will continue to expand.
With such a move, DLF is likely to hit the property market in the next 1-2 years. However, the announcement may leave sleepless nights ahead for other developers!
News Published Under: Real Estate Developers |
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