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Pirojsha Godrej, Executive Chairperson of Godrej Properties, has said that the demand for residential properties in major cities has remained ‘very strong’, but the enthusiasm seen in the last few years is now decreasing. Godrej Properties is one of the major real estate developers of the country. It has become the largest listed realty company in 2024 in terms of sale booking by selling assets worth more than Rs 28,000 crore. Pirozasha Godrej said that there is no lethargy in demand in the housing market. This shows the company’s sale booking. He said, “Am I watching lethargy in demand.” The answer is ‘no’. Because we have recorded more than Rs 500 crore sales in five different cities of North, South, West and Eastern India (during the December quarter) in our new residential projects. According to me this is a sign of a very strong housing market. ”
Sluggish in Delhi-NCR
Pirozasha said, “But this enthusiasm is probably a little less, especially in Delhi-NCR, he said that the enthusiasm that was six to 12 months ago now seems to be a little less, but the demand is still very strong. Pirozasha said that in the third quarter of the current financial year, the company has more than Rs 500 crore in five new offers in five cities Mumbai Metropolitan Region, Bengaluru, Gurugram, Pune and Kolkata. He has achieved sales. He said, “Perhaps this is the first time that a developer of the country has seen such a positive response in a new offer in so many cities.”
Increase in the price of houses slowed down
Recently, Vipul Rungta, Managing Director and Chief Executive Officer (CEO) of HDFC Capital Advisors, also mentioned that the increase in housing prices has slowed down. He had said, “The enthusiasm that was clearly related to the increase in prices is no longer now.” Real Estate Data firm Propkets said that nine in sales of homes in top nine cities last year last year. There has been a decline of percentage. At the same time, property advisor Enerock has spoken about a four percent decline in sales in seven major cities.
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