Indiaproperty.com to increase focus on new property market; launches special segment for Tier II cities

Chennai, Tamil Nadu, November 2, 2011 /India PRwire/ -- IndiaProperty.com, the real estate portal of Consim Info, India's leading internet business group, today announced that it will consolidate its position as the leader in the online market for new properties in India, by increasing its current focus on this segment and in addition launching a special, separate segment listing properties in Tier II cities. Indiaproperty.com in a first of its kind initiative in the online property space in India launched new pages on its portals listing over 50 new projects and 800 new properties across Tier II cities such as Nasik, Gurgaon, Jaipur, Mysore, Coimbatore, Vijayawada, Trichy, Madurai Vishakapatnam, etc. The site has over 3000 new properties and 450 new projects listed pan-India and has witnessed a 100% increase in traffic since April this financial year. Indiaproperty.com has crossed the 2 million mark in registered users with 150,000 unique daily visitors and more than 2 million page views a day, firmly establishing it as the number one property portal in India. Indiaproperty.com aims to penetrate further across cities and increase its customer base to reach 5 million registered users by March 2012.

In line with these plans, Indiaproperty.com plans to embark on a slew of marketing initiatives and announced its first property show, the largest one in Chennai- 'Grahapravesam 2011' that will feature more than 100 new properties across Chennai. Indiaproperty.com is organizing the show in collaboration with Jones Lang LaSalle, industry leader in property consultancy and facilitation services. Leading builders such as TVH, Unitech, DLF, Hirco, Arun Excello, Embassy, etc. will showcase ongoing and upcoming residential projects across a wide range of categories from Studio apartments, 1-2-3 BHK flats to luxurious 4-5 BHK flats and Villas in Chennai. The three day Property show will also include panel discussions where senior professionals and industry experts will discuss on a range of topics which will address most questions that a property buyer has today. Grahapravesham 2011 will be held between November 4-6 at the Chennai Trade Center and is being webcast live to an international investor audience as well.

Addressing the media at a press briefing today, Ganesh Vasudevan, Vice President and Business Head, Indiaproperty.com said, "We have increased our focus on new properties and further expanded our reach into Tier II cities seeing the healthy growth in new projects launched in these markets. Within a few days of soft launch of our separate pages for Tier II cities, Indiaproperty.com has 800 new properties and 50 new projects listed on the site. We are the only real estate portal in India to specifically address the new property market in Tier II cities."

He further added, "Grahapravesam will provide a one stop solution for property buyers as it connects buyers and developers at an opportune time when pricing is right and interest rates are looking likely to have maxed out. The show seeks to provide a platform where property buyers can interact with leading builders and industry experts in finding credible answers to their property questions. We were buoyant with the response we received on our portal over the last quarter for new properties across metros and smaller cities and

decided to organize Grahapravesham 2011 as an extension of our online support to both buyers and developers. We are happy to partner with a leader in the property consultancy space, Jones Lang LaSalle in presenting this exhibition."

Mr. Sivaramakrishnan A.S. Associate Director-Residential Services, Jones Lang LaSalle said, "We at JLL are excited to co-host this event along with India Property. We pride ourselves in being an organized player in an unorganized market. With the creation of JLL Residential, we hope to extend our professional approach and advisory strength to the unorganized residential space so as to help the customers make informed decisions, whether it involves investing, divesting or leasing residential properties.

With Grahapravesam, we hope to make a real difference in a customers' decision making process. This unique event, in partnership with India Property, will provide an excellent platform for home buyers to gain unbiased advice on property related issues. We are as excited as our co-host, India Property, and look forward to this exhibition."

Source: http://www.indiaprwire.com/

Property Prices in India Continue to Rise, but Is the Market Overheated?

There are construction sites everywhere, especially in the new-age design townships of Noida and Gurgaon, but many are nowhere near completion as cash-strapped developers such as DLF seek to offload assets in an effort to improve cash flow.

It’s no secret that many builders are in a bit of a fix, but in spite of this real estate prices are not dropping significantly. According to a report in Money Life, a 1000 ft.² flat in Mumbai costs Rs98 lakh, which equates to more than Rs9,716 per square foot. Areas such as Noida have been hard hit by land scams, resulting in the majority of deals which have taken place over the last year and a half coming under close scrutiny. The supply has increased from 5 million square feet to an incredible 105 million ft.², but nobody is buying, and some experts now expect a sharp correction in prices.

The latest data shows builders in Mumbai have sold just 8.17 million square feet of property from a huge inventory of 116 million square feet. Other cities such as Hyderabad and Pune have had slightly better sales, and after all, Mumbai is one of the costliest places in the country. If property continues to sell at its current rate, Mumbai has an inventory of 40 months as it is currently showing a 22% year-on-year increase, while receipts for money received from sales show a 13% year-on-year decline. Delhi is faring even worse, as even though property in the city is much cheaper than Mumbai the value of real estate being sold is low.

While most of the cities in India are overpriced, Pune is proving to be slightly different as it is one of the least overheated and properties here are relatively reasonably priced, with sales figures being the highest out of the six major cities in India. An average flat costs Rs48lakh. Hyderabad and Chennai are also faring relatively well, and Hyderabad is still seen as being a good investment as flats tend to be larger than average.

In general sales volumes have been poor this year which might lead to expectations of falling property prices. At the moment this isn’t happening, but rising unemployment may eventually force the hand of developers seeking higher sales figures.

Source: http://realtybiznews.com/