Builders market projects during Kumbh Mela
Sep 02, 2015
Source : Toi


NASHIK: City builders and developers facing slowdown for the past three-four years have started marketing their projects in view of the Kumbh Mela.

Builders have started putting up hoardings at major locations across the city and along the roads coming to the city to make the most of the Mela.

Speaking to TOI, Jayesh Thakkar, president, Confederation of Real Estate Developers' Association of India (CREDAI), Nashik, said, "There is nothing wrong in marketing real estate projects during this religious congregation.

There will be a large number of pilgrims coming to the city from different parts of the country. The hoardings are especially put up for such pilgrims, who may want to buy a home in Nashik in the future. However, this will create business in the long term."

He further said, "This way, the pilgrims will at least get to know about the real estate projects being constructed in the city. The real estate sector is already passing through recession and there is still no sign of improvement. Hence, builders are focusing on marketing projects to reach the end-customers in hopes of generating business in the next couple of years."

The real estate sector has been facing recession for the past four years. The gap between the demand and supply has increased a lot in the city. The supply is good, but the demand is less. Moreover, the construction cost of projects has also increased by Rs 500 per sq metre due to rise in construction in foot notes of Ready Reckoner rates from Rs 12,000 to Rs 22,000 per sq metre this year.

According to sources from the real estate sector, Nashik is has been facing recession for the past four years. Sources from the sector said, "Sales have reduced at large. There are close to 3,000 ready flats lying unsold due to recession. The number of vacant flats, however, has reduced from 12,000 in 2012 to 3,000 today."

Latest Realty News

Sep 01, 2015
MUMBAI: The central government, through a crucial amendment, has included real estate agents in the Central Advisory Council that will help the government understand issues related to the real estate sector.
Sep 01, 2015
NEW DELHI: Weak housing sales and stagnant prices will pose challenge to big real estate developers over the next 12 months as their cash flows and project execution capabilities get affected, ratings agency Moody's said.
Aug 29, 2015
KOLKATA: Kolkata based BGA Realtors is looking to build 1.5 million sq ft of affordable housing space across Gujarat, Madhya Pradesh, Assam Jharkhand, Bihar and Andhra Pradesh said a top company of ficial.
Aug 28, 2015
The union government on Thursday released the list of 98 cities that will be developed under the Smart Cities mission. These cities together have a population of 13 crore, accounting for 35 per cent of India’s urban population.
Aug 28, 2015
HYDERABAD: Until now it was only the common man who was irked by the illegal construction of buildings. The issue has now starting to give sleepless nights to even the Union ministers.
Aug 28, 2015
NOIDA: After a decade labouring on building sites around New Delhi Akhilesh Kumar lost his scaffolding job last month when his employer halted work on an array of 30 residential towers. He joins more than half a million workers let go from sites around India's capital in the last 18 months, in a stark sign that the ground reality in Asia's third-largest economy is far from as rosy as official data suggests.
Aug 27, 2015
NEW DELHI: India's tallest commercial building is set to come up in Mumbai, with the Nitin Gadkari-led Ministry of Shipping proposing to construct a towering 'business district' on Mumbai Port Trust land to monetise the asset and ease the space crunch in the country's financial capital. "It will be a 130-storey building and will house mostly offices along with other amenities. We are working on the plan and it's still in initial stages," Gadkari told ET.
Aug 26, 2015
MUMBAI: Average transacted office lease sizes across Mumbai, Bangalore, Chennai and Pune have increased from the uncertain times seen in 1Q14 - prior to the general elections, global property consultant JLL India said on Tuesday. "Market morale was low in 1Q14, which could explain the lower sizes. Following elections in May 2014, however, market sentiment improved gradually, while Mumbai, for example, witnessed 65% appreciation in average deal sizes between 2Q14 and 2Q15," it said.
Aug 26, 2015
CHENNAI: Justice R Reghupathi commission of inquiry that probed collapse of an 11-storey building at Moulivakkam last year said the other surviving building at the site resembled the ill-fated block "in terms of all short-falls and deviations that contributed to the mishap". The soil is loose, sandy and watery and pile foundations were not laid for a depth of 18 metres. On the reason for the collapse of the building, the report said it was built primarily with a raft foundation and pillars were
Aug 25, 2015
New Delhi: Affordable home segment presents a business opportunity worth $11.8 billion for developers across seven major cities of the country, according to property consultant Cushman & Wakefield.

Latest Realty News Of State

Realty Talk's