City Lights: Realty majors to invest up to Rs 8,000 crore in housing projects
Realty majors to invest up to Rs 8,000 crore in housing projects
Signalling bounce back of the real estate sector after a prolonged slowdown, developers announced investments of nearly R8,000 crore on projects over the next four years. Realty firm Supertech said it will invest around R5,500 crore in the next 3-4 years to develop residential projects and acquire land. Ansal Properties and Infrastructure announced an investment of about R1,500 crore in 2013-14 as capex on construction of various projects across the country. Mantri Realty said it will invest up to R750 crore to develop three new housing projects in Maharashtra and Karnataka over the next 2-3 years. The country's largest real estate developer DLF said it will launch 3-4 projects in Gurgaon by March 2013.
'Price appreciation slowed in 2012'
The price appreciation in the housing segment slowed significantly during 2012 in the top seven cities of the country with average capital value rising by only 1-3 per cent, property consultant Jones Lang LaSalle India said. A total of 1,60,622 residential units were launched in the top seven cities — Delhi-NCR, Mumbai, Kolkata, Chennai, Hyderabad, Bangalore and Pune. Capital value growth in Pune and NCR was the highest, while Hyderabad and Bangalore saw slower growth. JLL said although demand showed signs of improvement, developers are still struggling with rising inventories.
Adani-M2K launches project in Gurgaon
Adani Group's real estate venture Adani Realty in a tie-up with Delhi-based M2K Group has launched a project 'Oyster Grande' at Sector 102, Gurgaon. The development would be spread over 40 acres near the Dwarka Expressway. The company is launching 756 flats in the first phase at Rs 6,300 a square foot. Apartment sizes range from 1,600 sq ft to over 7,000 sq ft. Possession would be handed in four years.
M3M launches project in Gurgaon