Words: Ashley Rigg
Published: 23rd September 2009
Developer sells 1250 units in 2 hours
Most developers I speak to would be happy to make 1250 sales in two years let alone two hours but India’s largest developer, DLF has not only managed these incrediable sales numbers but they also raised their prices 26% before doing so.
The company has launched the second phase of the project, Capital Greens in the centre of New Dehli for prices ranging from Rs 6,750 (US$140) to Rs 8,000 (US$ 166) per sq ft although the effective rates are slightly lower as the developer offered a Rs 500 a sq ft discount for timely payment and an 8.5% rebate on down payments. The prices were 26% higher than prices for phase one.
The demand for new build property in the developing world is often far greater than in the West due to the low quality of existing housing stock and a rising middle class aspiring to a better standard of living. Emaar, one of the UAE’s largest developers is currently working in India. They are selling apartments in New Dehli as part of their Commonwealth Games project for Rs 12,700 per sq ft.
Full story on the
Economic Times
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