City Lights: ‘Housing demand to remain stagnant till economy improves’

Housing demand is expected to remain subdued in short-to-medium term despite cut in key policy rates by RBI,global property consultant CBRE has said

Written by Agencies | Published:May 12, 2012 12:25 am

‘Housing demand to remain stagnant till economy improves’

Housing demand is expected to remain subdued in short-to-medium term despite cut in key policy rates by RBI,global property consultant CBRE has said. “While the recent rate cut by the RBI has helped generate positive sentiments in the market,stagnancy in demand will continue in the short to medium term unless there is an overall improvement in the economic scenario,” CBRE South Asia

Chairman and Managing Director Anshuman Magazine said. In its report ‘India Residential Market View – 2011’,CBRE said the housing market witnessed stagnant demand for most part of the last year. NCR and Mumbai witnessed steady escalation in housing prices during the revival period from 2009 to first half of 2011 (as high as 40-50 per cent in certain micro-markets),the latter half of the last year brought in stagnation in overall prices,the report said.

Maha govt okays proposal to increase rental tenement size

In a move that may give a boost to the rental housing scheme of the Mumbai Metropolitan Region Development Authority (MMRDA),the state government has decided to increase the size of tenements under the scheme from 160 sq ft to 300 sq ft. The scheme envisages providing small-size rental flats at affordable rates.

Raheja Developers launches township project in Sohna

Gurgaon-based realty firm Raheja Developers has launched Raheja Aranya,at Sohna in Haryana. The development is an integrated township spread over 107.85 acres and an additional expansion capacity of 200 acres. The township will feature group housing condominiums,penthouses,designer homes,villas and plots. In addition,the township also has provisions for schools,hospitals,nursing homes,shopping arcades and adequate open greens. It is located on the Gurgaon-Alwar road,12 kms from Gurgaon. Plot areas range between 349-822 sq yards and base sale price ranges between Rs 96 lakh – Rs 2.2 crore.

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