The redevelopment segment is on an upturn due to large number of deals being negotiated, but the overall situation remains uncertain, Knight Frank India said, adding that the trend of excessive incentives can render projects unviable.
The announcement further ramps up Puravankara's redevelopment pipeline in the city, with a significant chunk of GDV anticipated to come from redeveloping residential buildings.
The redevelopment landscape in Mumbai has created a market for real estate players nationwide with strong balance sheets to pursue prime projects in the city
Today, it is not uncommon to see builders offer incentives that are half the levels of what existed five to eight years ago. More housing societies are also being responsible in their choice of developer.
The Mumbai-based real-estate company, Godrej Properties has sold 150 apartments within three days of launching its affordable housing project in Ahmedabad, Pirojsha Godrej, MD & CEO, Godrej Properties said.