The real estate market in whole of India did not fare well with unsold stock piling up in most of the cities. The quarter ending September 2014 had it’s lows with only enquiries pouring in, in many cities which kept the optimism of the realtors up and running but when it came down to sales the figures were very low. This resulted in the decrease of pre-launch projects and the unsold inventory climbing up putting even the mega players of real estate like the DLF in to an untoward situation.
Hyderabad is no exception from this overall picture and as the high-end market of the segment did not fare well the realtors have concentrated on the mid segment and many developers have changed their positioning in the market to tailor make their image to serve the upper-mid and mid-segment.
The market watchers of Hyderabad has opined that even after so much of hype and propaganda of the pre-launch and launch offers, the sales figures in the upper segment did not even touch the 20 percent benchmark due to which these developers have switched their attention to the mid segment purchasers.
The market watchers feel that the prices of the luxury and super luxury apartments have been slashed in prices by almost 50 percent. In line with this, the offerings too have been tailor made to suit the mid and upper-mid segment. Let’s find out how it’s being done.
At Rupees 90 lakhs, what was on offer was a 3 BHK luxury apartment having a Jacuzzi, designer tiles, luxurious bathroom fittings, a luxurious and fancy club house that was large with exotic plants in the butterfly park and landscaped gardens. Presently the projects that are offered at Rs. 70 lakhs are with vitrified tiles and floorings but without the Jacuzzi and high end fittings in the bathroom. There is a standard garden area without the butterfly park with a smaller club house.
The realtors have noticed that many developers have adopted newer and cheaper technologies which are helping them to complete the project faster and the lowering the cost as well. Such moves have made the developers price the apartments at a 35 percent lower than the prevailing or announced prices.
This move from most of the builders has made them offer many options in the range of Rupees 40 to Rupees 70 lakhs and they can offer the customers with several amenities that were hence forth not possible at that price. So the products are designed in a new way which looks more lucrative lowering the price which adds to the attraction of the inhibited buyers.
There is indeed an influx of new entrants in to the field of development and in that the old players have devised such products to remain competitive. Whatever may be the reason, it’s certainly good news for the buyer of the middle segment.
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