Pune buyers still eye luxury homes
There are still buyers for the super luxury home segment in Pune. Developers claim that despite depressed market conditions, this niche segment continues to attract investors. However, some of them have had to bring down rates to lure customers.
Marvel Realtors, automated super luxury homes maker says that sales have picked up in the last one and half months due to correction in rates and banks easing lending. "Initially, buyers were holding decisions. With some correction in rat,es, they feel they are getting value for money. We have offered discounts of 10% to 15% less, than what we were selling at peak season rates," Vishwa-jeet Jhavar, CEO, Marvel Realtors said.
Marvel has sold around Rs 20 crore worth properties in the past one and half months. "The first phase of Marvel Diva of around 3 lakh square feet is ready for possession by May 2009 and we sold 2.40 lakh square feet. These flats are in the range of Rs 80 lakh to Rs 5 crore," Jhavar said. The super 1uxury housing market in India is 8% of the total market and just 0.1% to 0.2% is- the avail-able supply, leaving huge scope for growth, he said.
INC Developers, a group that claims to have designed estate homes in San Francisco and the Bay Area, is collaborating with Pune-based Amar Builders to build a Rsl50-crore project called Manhattan, which comprises 18 residential units at Baner. Amar Man-jrekar, MD, Amar Builders said his company had sold 50% of the project. These apartments are in the Rs 4 crore range and although there has been a slowdown in enquiries, there is not enough supply for such homes, he pointed out. But he claimed that his company had not resorted to any rate cuts
On the other hand, Vitoria Group, promoted by Nitin Bhosale of Bhosale Housing and Gaurav Gadhiya of Raviraj Grroup that has a 3.5 -acre pro-ject off Aundh Road in Pune called Vitoria Lagoon, brought its rates down. "The response has been good. But we had to cut down rates by 20% to 25% for the customer," Nitin Bhosale said. The company says it has sold 30% of the total of 66 units that are up for sale in the range of Rs 2.40 crore to Rs 3 crore. The 3 BHK and 4 BHK apartments are upwards of 3,500 square feet.
Source:The Financial Express
Marvel Realtors, automated super luxury homes maker says that sales have picked up in the last one and half months due to correction in rates and banks easing lending. "Initially, buyers were holding decisions. With some correction in rat,es, they feel they are getting value for money. We have offered discounts of 10% to 15% less, than what we were selling at peak season rates," Vishwa-jeet Jhavar, CEO, Marvel Realtors said.
Marvel has sold around Rs 20 crore worth properties in the past one and half months. "The first phase of Marvel Diva of around 3 lakh square feet is ready for possession by May 2009 and we sold 2.40 lakh square feet. These flats are in the range of Rs 80 lakh to Rs 5 crore," Jhavar said. The super 1uxury housing market in India is 8% of the total market and just 0.1% to 0.2% is- the avail-able supply, leaving huge scope for growth, he said.
INC Developers, a group that claims to have designed estate homes in San Francisco and the Bay Area, is collaborating with Pune-based Amar Builders to build a Rsl50-crore project called Manhattan, which comprises 18 residential units at Baner. Amar Man-jrekar, MD, Amar Builders said his company had sold 50% of the project. These apartments are in the Rs 4 crore range and although there has been a slowdown in enquiries, there is not enough supply for such homes, he pointed out. But he claimed that his company had not resorted to any rate cuts
On the other hand, Vitoria Group, promoted by Nitin Bhosale of Bhosale Housing and Gaurav Gadhiya of Raviraj Grroup that has a 3.5 -acre pro-ject off Aundh Road in Pune called Vitoria Lagoon, brought its rates down. "The response has been good. But we had to cut down rates by 20% to 25% for the customer," Nitin Bhosale said. The company says it has sold 30% of the total of 66 units that are up for sale in the range of Rs 2.40 crore to Rs 3 crore. The 3 BHK and 4 BHK apartments are upwards of 3,500 square feet.
Source:The Financial Express
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