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Real estate sector registers 25% growth
Times of India  |  January 18, 2019


Real estate developers and builders confirm that registrations of land parcel and apartments had increased since last year, compared to the slump experienced in 2016 and 2017. They say that land across segments, including residential, commercial and even industrial, are beginning to find buyers. They say that small budget sales have become common and a few big budget deals too are beginning to go through.


Realtors and builders say their industry is finally beginning to look up after registrations came to a complete halt in 2016. “A focused realtor can now complete one deal in one to three months, compared to the six months it took earlier,” said R Hariprakash, founder, Race Course-based Annai Realty. “And we are seeing good movements of residential and commercial lands and even a few industrial land plots. People are willing to invest,” he said.



The silver lining is hardly restricted to land movement alone, the construction industry too seems to be registering a sizeable momentum in business. “We are seeing at least a 25% growth in business in 2018,” said Aashish Raichuraa, of Saibaba Colony-based DJ Deesigners, a company of architects and civil engineers. “We are mainly getting a lot of apartments and residential projects. While a large chunk of growth has come from Erode and Salem, Coimbatore is also giving us good business,” he added.


The outskirts and suburbs of the city also seem to be faring better than the older parts of the city in terms of residential land registrations. “Residential land is moving better than commercial land on the outskirts. However, people are preferring apartments and smaller plot sizes. Plots which are priced between Rs 10 lakh and Rs 30 lakh a cent are the fast-moving ones,” said Logesh Kumarasamy, managing director of Builders Pollachi.


However, real estate brokers say landowners who have brought down their land prices in the last one year to remain competitive are the ones who have shown successful sales. “By 2017-end, many landowners, especially those with unapproved layouts, began reducing their prices by a few rupees a cent. So, buyers who have been eyeing those plots for a while ended up buying them in 2018. There is still more supply than demand,” said Veeramani K, a broker.