Days of price rise on residential side behind us: Deepak Parekh, HDFC
The commercial real estate segment has collapsed and the prices of commercial properties are unlikely to rise
Jul 20, 2013
Source : The Economic Times

 

MUMBAI: Amidst stubborn prices in most of the real estate markets, HDFCBSE -2.35 % chairman Deepak Parekh today said the residential price escalation now seems to be a thing of the past.

"My view is that real estate prices should come down, at least on the residential side. The days of prices shooting up have gone," Parekh told shareholders during the company's annual general meeting here this evening.

He also said the commercial real estate segment has collapsed and the prices of commercial properties are unlikely to rise.

"If you look at the general property scenario, commercial real estate has collapsed across the country," he said, adding the IT, retail and office space are in surplus.

The chairman of the largest pure-play mortage lender further said it is only residential component where prices have not yet fallen.

"In smaller cities they (residential prices) have gone up but they are reasonably priced in Tier II and Tier III cities," he said, adding his company's growth is coming from small towns now.

 

Latest Realty News

Kalam roots for green buildings, efficient energy usage
Jul 19, 2013
PUNE: Green buildings, sustainable design and green architecture can ensure that the impact of constructions and infrastructure development on the environment is contained, former President APJ Abdul Kalam said at the GreenCo Summit 2013, which was inaugurated in the city on July 15. Kalam advocated continuous research by recyclers, electronic systems manufacturers and user groups to make green energy cost-effective.
Sea-facing Worli flat goes at Rs 1.23L/sq ft, the highest in the country
Jul 19, 2013
MUMBAI: The Mumbai realty market threw up another record when a 10th-floor, sea-facing flat of the marquee SamudraMahal in Worli sold at the rate of Rs 1.23 lakh per square foot, the highest in the country.
‘Govt willing to relax norms on deemed conveyance’
Jul 18, 2013
MUMBAI: The Maharashtra government on July 17 promised a string of reforms in the existing law on deemed conveyances to give relief to thousands of flat owners in old housing societies who are eager to complete the formality of conveyance.
Recession-struck real estate developers pitch clients on Facebook, Twitter for buyers
Jul 18, 2013
MUMBAI: For many real estate developers one good thing about the recent slowdown in demand is that it has helped them find a cost-effective medium to sell housing projects: social media.
Worli in Mumbai is a realty market to reckon with
Jul 17, 2013
MUMBAI: From being a traditional textile mill location a few decades ago, Worli has come a long way to emerge as one of the prime real estate destinations in the country’s commercial capital.
Pune’s smart homes revolution
Jul 17, 2013
PUNE: Over the last two decades, Pune rapidly developed a strong IT culture. In the beginning, this culture was limited to employees of the many IT/ITES parks it is home to. However, today it has touched almost everyone who lives in the city. The cyber revolution in this city is inescapable – those who do not own computers visit internet cafes to access the online world. The younger generation below the age group of 30, is defined by connectivity and these are the people who will define Pune’s f
Borivali-Goregaon projects: Offering décor delight
Jul 17, 2013
MUMBAI: The Borivali-Goregaon west stretch has witnessed rising property prices for the last six months. Most of the home buyers are looking for smaller sized units – 2 and 3-BHK configurations because of the rising property prices. Depending on the budget, developers are offering various décor features – both, internally and externally, in their new projects.
Hinjewadi faces an ever-increasing demand for 2-bhk apartments
Jul 17, 2013
PUNE: Hinjewadi, once looked upon as a sleepy countryside area, has been fast evolving into a real estate hotspot. The locality, situated towards the west of Pune city, offers all types of properties for every segment of the society. According to the Data residential properties such as plots and apartments in Hinjewadi, are available within a wide range of Rs 13 lakhs to Rs one crore and above.
Mumbai sees highest office space absorption this year
Jul 16, 2013
MUMBAI: About 2.4 million sq ft (msf) of office space was absorbed in Mumbai in the first half (H1), (January-June), the highest across India, according to a new data released by global property consultant Cushman & Wakefield (C&W) on Monday. But this absorption was still 10% less compared to the first half of 2012.
Capital values rise along the Borivali-Goregaon West belt
Jul 15, 2013
MUMBAI: The 10-kms stretch, extending from Borivali west to Goregaon west, is high on the list of buyers looking for capital appreciation. With Kandivali west falling along the corridor, the area has 13 per cent of the total new properties (as per data with MagicBricks.com) being constructed there. Out of these, Goregaon west and Borivali west would be delivering 50 per cent and 20 per cent of the supply respectively, most of which is scheduled for possession in the coming three years.

Latest Realty News Of State

Realty Talk's