AHMEDABAD: The strategy was: To cut down new project launches, first try to sell unsold inventory and check prices from further collapsing in the floppy market.
However, despite a healthy footfall at the three-day Gujarat Institute of Housing & Estate Developers (GIHED) property show the plan has worked little for the city developers. The GIHED property show, an annual affair for city developers, concluded last Sunday.
Unlike earlier years, this time realtors spent less in adding attraction to the show and went for plain business. The advertisement and branding campaigns for the property show tried to convey Amdavadis that the 'right time to buy property has come'.
But the few bookings during the show suggest that most Amdavadis want to wait for a little while to buy their dream home or invest in a property.
"The sales have been sluggish but healthy number of visitors during the show suggests a huge demand. More than sales, we look at giving out information during the property show," said Dipak Patel, vice-president GIHED.
He added that many developers were able to clear their inventory and get fresh bookings.
Realtor Vijay Shah feels that the number of booking were less as the period in which it was held is termed inauspicious to book a house.
"Bookings will start coming in after Navratri. However, projects in the extreme periphery might not get lucky soon," said Shah.
The show had many big and mid-size players operating in areas like Maninagar, Naroda andChandkheda.
However, city-based developer Shekhar Patel feels if a housing project has been priced in the range of Rs 20 lakh to Rs 40 lakh, than there is no slow down. "Margins are same in affordable and hi-end schemes. For now, most developers will look for affordable housing projects where there is an increasing demand," said Patel.
Agreeing with Patel, realtor Rajesh Vaswani said, "There is enough space for right-priced projects in Ahmedabad. We conveyed to visitors at the show that high construction cost will check fall of prices from current levels. Instead, developers would mortgage the existing inventory with a bank and take loan to pump money in future projects."