The Hindu : Andhra Pradesh News : Developers need to do a realty check

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Saturday, Feb 21, 2009
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Andhra Pradesh

Andhra Pradesh

Developers need to do a realty check

In what should help the real estate industry better comprehend the prevailing mood among buyers, a survey conducted by the property website ‘makaan.com’ has come out with findings that a high majority of seekers are looking at properties in a bracket that is below Rs.30 lakhs.

According to the nationwide survey that covered Hyderabad too, 74 per cent of property seekers are looking for houses costing less than Rs.30 lakhs while 22 per cent were prepared for the Rs.30 lakh to Rs.60 lakh range.

In Hyderabad itself, 82 per cent interviewed for the survey put their preference for the sub-30 lakh category while 15 per cent went for the Rs.30 lakh to Rs.60 lakh bracket.

“Luxury Housing is clearly not the dream abode for a majority of Indian population which should act as a reality check for the realty developers, who have in the last few years concentrated on building such homes,” the survey conclusions observe.

A majority, a whopping 76 per cent, believe that a further price correction in real estate is imminent and this has been termed as a possible reason why a number of active property seekers turned fence sitters in the last six months. This could be an indication of the ‘wait-and-watch’ policy adopted by prospective buyers in the hope of the prices plummeting down further.

The recent corrections in the price did seem to have some positive effect among the buyers. Freebies are not likely to work out in swaying the mood of buyers.Offers of luxury cars, free plasma TVs and free furnishing does not really seem to impress as 60 per cent of property seekers are found more inclined towards lower per sft rate.

T. Lalith Singh

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