Leading Mumbai Developers Are Lining-Up To Launch New Projects In Delhi-NCR

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    While leading property developers of Delhi like Unitech and Amrapali continue to suffer from financial and legal woes, many leading Mumbai developers are showing increasing interest in Delhi’s real estate space. Apparently sensing an opportunity to capture part of one of the most sought-after realty markets, developers from Mumbai such as Shapoorji Pallonji, Kalpataru, and Dosti Realty are planning to launch new projects in Delhi-NCR, either on their own or through acquisitions and joint ventures.

    Fall in land prices post demonetization is seen as the prime factor behind the shift of interest of Mumbai developers towards north India. Combined with the prolonged slowdown in the real estate, the leading developers from Mumbai are now making a beeline to acquire and launch new projects in Delhi-NCR.

    For the start, it is reported that Shapoorji Pallonji Real Estate is looking to launch and acquire a couple of projects in the NCR, mainly in Noida and Gurugram.

    “Actually we have been looking towards NCR market since 6-7 years, but were able to buy land only in the last one year,” Shapoorji Pallonji CEO Venkatesh Gopalakrishnan told Livemint during an interview. “Because that is one market which has softened greatly, and even land prices have softened.”

    Pic Credit: Construction World

    Gopalakrishnan further added that land prices in NCR have fallen to a level where there is a clear opportunity for them to buy and build a product and sell it at a reasonable and affordable price. He also revealed that from a middle-income perspective, Shapoorji Pallonji, under the banner of Joyville, will come up with projects on Northern Peripheral Road in Gurgaon with a ticket size of Rs. 60-70 lakh.

    On the same road, the leading Mumbai company will launch another project in the range of Rs90 lakh and above. The company has also acquired land in Noida and will start projects there soon.

    Another leading Mumbai developer Kalpataru recently launched its maiden project in Noida Sector 128 on the Noida-Greater Noida Expressway and is looking to launch projects across the segments. The other Mumbai developers to mark their presence soon with new projects in Delhi-NCR are Dosti Realty and Sudhir Walia-promoted Suraksha Asset Reconstruction Company.

    Photo by Juhasz Imre from Pexels

    NCR has proven to be a fertile market for Mumbai real estate developers in the past as well. Godrej Properties, which entered the region five years ago, is now touted as the most successful developer in the NCR property market. Godrej has developed over 11 projects in the NCR, of which nine are JVs and two development management contracts.

    Since there is a lot of land available for development in Delhi, Noida, and Gurugram, Amit Goenka, managing director and CEO of Nisus Finance Services, a Mumbai-based fund manager, feels that there are many opportunities for JVs and joint developments in the NCR, Business Standard reported.

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