Real estate firm Sunil Mantri said that it will invest Rs 2,000 crore on developing a 2,000-acre residential project in Gwalior over the next decade.
The company signed an MoU with the Special Area Development Authority, Gwalior, to carry out the project under public-private-partnership model, the company said in a statement.
As per the MoU, the realty firm would set up a Hi Tech city over an area of 2,000 acres, comprising 25,000 housing units.
The company has already acquired 375 acres for creating housing for the low and mid-income people.
Around 5,000 houses would be provided in this project and the developments work would be commissioned by October this year.
It is currently developing three new projects in Gwalior, consisting of residential, a shopping mall cum multiplex and commercial spaces.
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The Reserve Bank of India’s decision to revise repo rate and cash reserve ratio is expected to bite the realty industry, which is already burning under a slowdown and price correction. Loans for housing will get dearer and interest sensitive sectors like real estate will be hit hard. The cost of borrowing goes up not only for builders but for all ancillary and input industries as well, leading to a higher price tag for the real estate product. Developers will now have to look towards other sources of funds, which could be on higher rates. A 0.5 per cent increase in home loan rates - which appears most likely - will increase the tenure of a Rs 3 million, 20-year loan by nearly three years. Real estate demand in major Indian cities has been hit this year as urban middle class buyers, fretting over a five-year high in property prices, have stayed away from investing in property as interest rates climbed rapidly. However, a few real estate agents said the rate hike could cause a possible softening of property prices, even in markets such as Mumbai.Developers are sitting on unsold stocks of completed apartments. But potential buyers are sitting still in anticipation that prices will come down.For more view- realtydigest.blogspot.com
Real estate market in India is on the upswing while builders in India are rapidly investing in all the parts of the country. New constructions in this field are into an all-time growth. Indian property developers are buying plots in large number for construction of townships and residential complexes.
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