DLF to Adopt New Pricing Model for Property

DLF,the country’s largest real estate company is going to adopt a pricing model that resembles book-building in initial public offers (IPOs) of shares, using a process to test the market while pricing.With an uncertain demand situation in the real estate industry, pricing practices are taking a novel turn. Only the style is informal unlike in shares, in which a price band is set and formal offers are invited. The company which earlier used to set property price internally is now surveying buyers to arrive at a price for forthcoming projects. DLF’s authorised brokers and property consultants are collecting feedback from prospective buyers on what should be the price of the project by sending out mailers, text messages and in some cases, making personal visits.

“The purpose of the survey is to decide how many flats to launch and set good prices, which are attractive and value for money,” said Rajeev Talwar the executive director at DLF.

Uplift in Commercial Realty

The commercial real estate market is slowly reviving as higher government incomes and an improving economy are prompting customers to invest in market.

Many builders, instead of selling their property, are signing rental deals. In one such deal, global consultant KPMG signed a deal with Lodha Developers for renting out a 130,000 square feet property at Mahalaxmi in central Mumbai, for a monthly rental of about Rs 160 per square feet.

The company has 5 commercial projects in Mumbai, in areas like Parel, Worli and Thane. In one such deal, Lodha also bid Rs 710 crore for NTC’s 10.3-acre Finlay Mill land in central Mumbai.

Home Sales Improving In India

Home selling in India is seeing an upward trend in some parts of property markets, but property experts say recovery has some distance to go. Buyers in India are waiting for more price reduction.

Developers have resumed their construction work after a long gap and are concentrating on cheaper projects to beat credit crunch. Chairman of Axiom Estates(a real estate agency),Rajesh Goenka, said that though the trend is improving but recovery might take few more months. Real estate developers have spent many months lying low because of high interest rates and economic downturn.

Home sales have not spread evenly across all the regions, even though the prices of real estate have been low by 30-40%.

According to home buyers, the rates have not fallen as much as they have been estimated to have. Developers have hopes that prices will continue to remain firm and investors are hoping for good return in rates.

Property Rates in Gurgaon see a Temporary Slide

The rising interest rates have contributed heavily, to the pulling down of property rates in the bustling city of Gurgaon. This is a phenomenon that has reverberated across the NCR; however, Delhi has seen an appreciation in prices.

In most cases, the prices of the secondary market are lesser than the ones in the primary market. The cost of investment has increased as the interest rates have risen. The problem is that investors are unsure of their returns in a short period and in the suburbs the returns on property investment within a one year period are almost zero.

However, for those looking to invest in property in Gurgaon and willing to stick it out for the long term; this might just be the best situation on offer. Industry experts suggest that this is a temporary slide and the property prices would increase, after things have settled down.

The trend is not visible, when it comes to commercial space and demand for such properties is increasing day-by-day. The profits have seen a substantial increase, which means that investors have begun to eye the commercial estate in Gurgaon, with more of an eager eye than before.

After all, Gurgaon is one of the fastest growing cities in India, and its makes great investment sense to purchase property in this City.

Good connectivity is fast becoming one of the core competencies of Gurgaon. It is well-connected by road to Delhi and NCR, which has contributed in a major way to the burgeoning growth of the Gurgaon City .

Source: http://www.gurgaon.co.in/articles/gurgaon-properties.html

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