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Wednesday, June 9, 2010

DLF converts Mumbai mall project into residential one

To cash in on the demand for residential and office space in Tier-I and Tier-II cities, real estate companies are planning ambitious projects in cities this financial year. Realty major, DLF feels with rapid economic growth in the smaller cities, there will be more demand there. Its DLF Garden City project in Indore has been a major success, with the first phase being sold. It is planning to come up with the second phase during the current financial year. Ansal Properties is also in the process of developing residential projects in Jaipur, Jodhpur, Agra, Ajmer, Kundli and Panipat, among others. In the current fiscal, the company plans to launch a million sq ft area in a commercial project in Lucknow, which will have office buildings and a shopping mall. On the other hand, Omaxe has 40 residential and integrated township projects in Tier-II and Tier-III cities. The projects are primarily in Haryana, Uttar Pradesh, Rajasthan, Madhya Pradesh and Punjab. Industry analysts assert that the demand for residential space has shown growth and will keep growing if the prices are right. “The Tier-II and Tier-III cities are witnessing growth in the residential segment. One can also witness demand in Tier-II cities for office space, primarily from the call centres and Business Process Outsourcing companies,” said Mr Anuj Puri, chairman and country head with the realty consultancy of Jones Lang LaSalle Meghraj.
Source : Business Standard

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