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New Projects at Lowered Prices

Friday, March 06, 2009

Residential realty market continues to deteriorate: We continue to see sharp price cuts of 20-25% from a greater number of property developers in more cities - now Tier II in addition to Metros earlier.

Gurgaon: UT launched Uniworld Garden II (sector 47) at Rs3000 psf (25% below neighborhood), and IBREL launched Centrum (sector 103) at Rs2100 psf

Indore (main city): IBREL launched Central Park at Rs2000 psf.
Lucknow: Parsvnath Developers Ltd launched Royal Floors at Rs1600 psf.
Mumbai: HDIL launched Premier Residency at Kurla at Rs 5300 psf, 30%-plus discount to neighbourhood, we estimate.

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