City realtors bank on Puja push to sales
Oct 16, 2012
Source : The Times of India

 

BHUBANESWAR: City realtors are banking on the festive season from Mahalaya on Monday till Diwali on November 13 to maximize sales in an otherwise sluggish real estate market.
 
Market insiders said competition in the housing trade has become cutthroat with supply exceeding demands. "An estimated 1 lakh housing units worth Rs 15,000 crore are on the pipeline in and around the city. These houses would be ready for possession within the next three to four years. Booking, however, is not more than 30 per cent now," a real estate trader said.
 
Speculative buyers from both inside and outside Odisha had made a beeline to buy houses in Bhubaneswar following the hype in industrial investment in the state a few years ago. Several people had even invested in second and third properties in the city. "Buyers had then thought that prices of property would escalate due to the promise of big industries setting shop in Odisha. But the situation has changed with prolonged uncertainty over several big ticket investments in the state," said Anup Mohapatra, a developer.
 
"Till 2007-08, at least 30 per cent clients were IT professionals who make quick purchases round the year. Now, IT companies are not adding significant new workforce while majority of the existing ones have already invested in real estate," Mophapatra added.
 
According to developers, over 80 per cent of new buyers constitute employees who are staying on rent in the city. They want to buy houses for accommodation and not as a mere investment option. Such buyers are very cautious and particular about quality, locations and price. The builders hope the upcoming vacation will help them finalize the deals. "The period is regarded auspicious. Besides, people have enough time due to holidays. Hopefully, it will increase sales," said DS Tripathy, president of Confederation of Real Estate Developers Association of Odisha (Credai).
 
Surprisingly, however, builders are not offering large-scale freebies unlike previous years. "Discounts of few thousands no more help sell houses. People are looking for locations and quality of construction while finalizing their dream houses," said another developer.
 

Latest Realty News

SBI is organizing a two-day property exhibition from 20th Oct 2012
Oct 19, 2012
Bhubaneswar: The State Bank of India (SBI) is organizing a two-day property exhibition at SBI LOCAL HEAD OFFICE, Bhubaneswar (Opp. Rabindra Mandap, Jawaharlal Nehru Marg) from 20th to 21st October, 2012. Since a lot of people tend to buy or change homes during the summer vacation, the time is ripe for such an exhibition in the city. The event, supported by Orimark Properties, will witness the
Pune Municipal Corporation spent Rs 2cr to raze 900 buildings
Oct 15, 2012
PUNE: In the last four months, the Pune Municipal Corporation (PMC) demolished 8.5 lakh sq ft using Rs 2 crore of the tax payers' money, a top civic official said. An official, who declined to be named, said that since July, the civic body has demolished 900 illegal buildings. "Expenses include the money spent on manpower and machinery and depend on the size of the building. It can range from
Land scam: Rs 2.37cr in typist's home
Oct 15, 2012
KOLKATA: Bidhannagar Police on Saturday seized cash worth Rs 2.37 crore, 131 gm of gold and a car from the Barasat apartment of Sushanta Kumar Das, one of the three arrested in the Salt Lake land scam case. Sushanta (wrongly referred to as Sukhen Das in previous reports), a typist who posed as an advocate, had along with Haradhan Das (the KMDA Group-D staffer) and Aloke Chatterjee (the retired KM
Waste clearance, drainage systems in city get a boost
Oct 15, 2012
CHENNAI: Garbage clearance and the drainage system in the city received a shot in the arm as chief minister J Jayalalithaa on Sunday sanctioned projects worth 898.78 crore, focusing on improving the basic infrastructure facilities in the newly included parts of the corporation.
Global urban population to be 6.3 billion by 2050
Oct 15, 2012
HYDERABAD: The global urban population is estimated to be 6.3 billion by 2050, nearly doubling the 3.5 billion urban dwellers worldwide in 2010, posing a challenge in management of biodiversity, says a report by Convention on Biological Diversity here. The total urban area is expected to triple between 2000 and 2030, while urban population is expected to nearly double, increasing from 2.84 bil
West Delhi to get biggest surface parking lot
Oct 15, 2012
NEW DELHI: West Delhi will soon be home to the biggest surface level parking lot in the capital. North Delhi Municipal Corporation is planning to turn the area over the Kirti Nagar-Ramesh Nagar drain into a 3km long car park capable of accommodating over 8,000 cars. Almost 70% of the drain covering work is complete, claim corporation officials. The facility will ease the parking woes of west
Cap likely on Mhada rehab house size
Oct 15, 2012
MUMBAI: The state government may modify norms to increase the size of tenements for people residing in old and dilapidated Maharashtra Housing and Area Development Authority (Mhada) buildings which go in for redevelopment. To get rid of excessive bargaining and unfair practices used by developers to lure societies, Mhada is toying with the idea of introducing a cap for the maximum size of reha
54 cities to have clean fuel by end of 12th 5-year plan: Environment Ministry secretary
Oct 15, 2012
Hyderabad: As many as 54 cities in the country will have clean fuel, both petrol and diesel, by the end of the 12th Five Year Plan, Union Environment Ministry secretary T Chatterjee said here today. "Once you use that fuel in all the vehicles, it means there is no air pollution. Clean fuel will not have sulphur and other such pollutants. It is the easiest way of getting rid of air pollution. Y
Robert Vadra led companies bought 41 DLF flats and sold most of them at a profit
Oct 15, 2012
NEW DELHI: Robert Vadra, the son-in-law of Congress Party president Sonia Gandhi, had bought as many as 41 premium apartments from DLFBSE -0.75 % but subsequently sold most of them at a profit. All the apartments were acquired by companies promoted by him, including Sky Light Hospitality- which had dealings with DLF- by paying a minimum booking amount, with the exception of a luxury pad in the pi
No festivities this season
Oct 13, 2012
The festival season has arrived for the realty sector. Dussehra is that time of the year when buyers look at sealing the deal and developers go all out to woo them. This is also the period when newspapers are awash with advertisements offering freebies. This year, however, the annual spectacle is subdued in scale. The major reason for this turnaround is affordability. Most buyers believe that

Latest Realty News Of State

Realty Talk's