Property prices set to rise with new development control rules
In order to comply with the new development control rules, developers have had to change plans and resubmit them to the BMC, often leading to a rise in costs for the end buyers.
Oberoi Realty has said that prices would rise between Rs 1,000-1500/ sq ft in their projects, while HDIL feels that because of the new DCR, a hike of Rs 750- 1000/sq ft is likely. Sunteck Realty and Lodha Developers have also come on record to say that prices would rise between 5-8% and Mantri Developers, Rs 500-1000/sq ft. Already many builders, including Oberoi Realty and HDIL have submitted revised plans; in Oberoi’s case, at a cost of Rs 150 crore!
Analysts agree that this price hike will be passed on to consumers, and so, prices in the city of Mumbai will only head north from here!
Pirojsha Godrej, MD, Godrej Properties said, “don’t think meaningful reduction in prices is possible unless govt greatly eases supply constraints. Ability to reduce prices will erode margins given current economic scenario.”
Oberoi Realty has said that prices would rise between Rs 1,000-1500/ sq ft in their projects, while HDIL feels that because of the new DCR, a hike of Rs 750- 1000/sq ft is likely. Sunteck Realty and Lodha Developers have also come on record to say that prices would rise between 5-8% and Mantri Developers, Rs 500-1000/sq ft. Already many builders, including Oberoi Realty and HDIL have submitted revised plans; in Oberoi’s case, at a cost of Rs 150 crore!
Analysts agree that this price hike will be passed on to consumers, and so, prices in the city of Mumbai will only head north from here!
Pirojsha Godrej, MD, Godrej Properties said, “don’t think meaningful reduction in prices is possible unless govt greatly eases supply constraints. Ability to reduce prices will erode margins given current economic scenario.”
Add your comment
Categories
Industry News Residential Property News Commercial & Industrial Property Legal & Financial Projects & Investment Hotels & Resorts Building Design & Improvement Commentary & Analysis Property Shows & Events United States Canada United Kingdom Europe United Arab Emirates Middle East Israel India Australia & New Zealand China Hong Kong Singapore Japan South Korea South East Asia Central & South America South Africa North Africa Video
Latest Articles
Bangkok property - top tipsBuying property in BangkokBuying condos in Bangkok - Condo buyers guideBuying houses in Bangkok - house buyers' guide42% of Caspian’s units snapped upIs it time for a Correction in the Phuket Property Market?Phuket’s Taj Exotica makes genuine startKanda plans two residential projectsDevelopers add community flavourChone Sophonpanich enters realty
Tags
Comments
Newsletter
Get each new article from
Estates Report
Your email: