City leads sales of ‘luxury flats’

More people in Mumbai and its suburbs have bought expensive homes compared to Delhi and Bangalore residents. In the second quarter of this financial year, most flats admeasuring 3.9 million square feet in the bracket of Rs 2 crore and above were sold in the Mumbai Metropolitan Region (MMR), compared to NCR’s 2.1 million square feet and Bangalore’s 2.5 million square feet. This is part of the report released by Liases Foras, a real estate research firm.

The report has claimed that the sale of expensive homes across the country has increased. In the MMR, the sales compared to the last quarter have increased by 12 per cent. While sales in National Capital Region have increased by eight per cent and those of Pune was at 8 per cent.

The report further suggests that the prices in MMR haven’t seen any increase compared to the last quarter. The reports reads, “Prices across all major cities have remained stable; minor growth was observed in Chennai, Hyderabad, and Ahmedabad, while prices remained stagnant in MMR, NCR and Pune.

In terms of sales, the report claims, the affordable segment — which is less than Rs 25 lakh — and the ultra luxury segment, which is above Rs 2 crore, have grown the most. Sales in the cost bracket of Rs 1 to 2 crore has dropped.

Prakkash G. Rohiira, of Karma Realtors, a Bandra-based firm, claimed that the findings haven’t surprised him. “In the last few days, things have changed. People who wanted to buy homes and were waiting for prices to correct are now buying them,” said Mr Rohiira.

“Homebuyers come to us and ask whether we have flats of builders that are in ready possession... people do not trust under construction much as the fear that they may remain stuck for a long time is still prevalent,” he added.