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Property Forum

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Dalal Street

Residential launches continue to see success in Gurgaon, Bangalore

Monday, September 17, 2012

Recent data points indicated continued strong residential demand in Gurgaon and Bangalore.

Various launches in the recent past have been received well: (1) Godrej Properties launched Godrej Summit and sold entire Phase I of 1 mn sq. ft at price point of Rs5,500/sqft, (2) DLF launched Independent Floors in Gurgaon, (3) Phoenix Mills sold 275 apartments in Phase I of “One Bangalore West” at selling rate of Rs7,000+/sqft, and (4) Sobha recently launched 2 new projects in Bangalore – Sobha Morzaria Grandeur, a luxury project at Dairy Circle and Cedar at Sobha Forestview on Kanakpura Road.

Furthermore, selling prices achieved indicate that buoyant sales are not a result of pricing discounts. We believe demand environment can get a further boost in case of improvement in economic sentiment and reduction in interest rates. A 50 bp reduction in interest rates can reduce EMI of 20-year loan by 3%.

Robust demand in Gurgaon will likely help DLF as it launches residential projects with cumulative sales values of Rs60+ bn in 2HFY12. Success of ‘Godrej Summit’ indicates Sobha’s largest project (Sobha International City in Gurgaon, 15% of NAV) will see continued traction. DLF is planning to launch 2.5 mn sqft in Phase V in Gurgaon in 2HFY13.


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