The demand for luxury homes is witnessing a downslide in large cities. This has prompted real estate developers to move to smaller cities and towns for their luxury housing projects.
A luxury residential project was launched in Mangalore in August by Godrej Properties Ltd. The said project has 245 apartments which are priced from Rs.80 lakh to Rs.1 crore. Following on the footsteps of Godrej Raheja Universal Ltd too is launching a residential project in the same price range in Mangalore. This sea-front property which falls in the luxury housing segment will be a sort of test by the developer to gauge the prospect of luxury housing in small cities.
Apart from Godrej Avalon and Raheja Waterfront six more luxury housing projects are being launched in Mangalore.
According to a Raheja Universal executive who spoke on condition of anonymity the developer by introducing this concept in the coastal city will decide the feasibility of such projects in other smaller cities of the country. He said that these projects are not big ones and since these have a gestation period of three/five years which is quite short poses less risk for the developers.
Demand for luxury housing projects in large cities like New Delhi and Mumbai have decreased since March due steep prices (30-40%) and other lifestyle factors.
A luxury residential project was launched in Mangalore in August by Godrej Properties Ltd. The said project has 245 apartments which are priced from Rs.80 lakh to Rs.1 crore. Following on the footsteps of Godrej Raheja Universal Ltd too is launching a residential project in the same price range in Mangalore. This sea-front property which falls in the luxury housing segment will be a sort of test by the developer to gauge the prospect of luxury housing in small cities.
Apart from Godrej Avalon and Raheja Waterfront six more luxury housing projects are being launched in Mangalore.
According to a Raheja Universal executive who spoke on condition of anonymity the developer by introducing this concept in the coastal city will decide the feasibility of such projects in other smaller cities of the country. He said that these projects are not big ones and since these have a gestation period of three/five years which is quite short poses less risk for the developers.
Demand for luxury housing projects in large cities like New Delhi and Mumbai have decreased since March due steep prices (30-40%) and other lifestyle factors.
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