37% rise in city property deals in March over Feb

The city’s real estate market seems to have gathered steam after going through a dull phase for several months. This is evident from the increase in sales in March when 5,776 properties were registered, which is 37% more than the 3,639 registrations in February. Naresh Kamath reports.

The city’s real estate market seems to have gathered steam after going through a dull phase for several months. This is evident from the increase in sales in March when 5,776 properties were registered, which is 37% more than the 3,639 registrations in February.

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According to data compiled by Prabhudas Lilladher, a leading financial firm, recovery in the realty business is due to several new launches. “The recent bunching up of project launches after the new Development Control Rules came into effect in January seems to have driven the recovery,” said the report.

At least 50 projects have been launched in the last three months. “There is vast difference between the rates quoted and affordability of buyers. Sales are taking place as the rates are marginally reduced in new launches,” said Pankaj Kapoor, CEO, Liasas Foras, a real estate research firm.

The last year has seen builders quoting exorbitant rates, which has forced buyers to postpone their purchase. However, with prices not coming down, sales have become inevitable. “Buil-ders won’t cut prices as capital costs have increased. People have no choice but to buy,” said Ashok Narang, partner, N Lachhman-das and Company, a leading brokerage house.