Slowdown had a sobering effect on DLF’s meteoric rise in the early years of this decade. With a new look and renewed vigour, the company attempts to claw its way back to its glory days. by Virat Bahri
“it’s only mumbai”
G. P. Savlani
Resident Director CREDAI
B&E: Is the exuberance back in realty?
GP: After meltdown, realtors realised that it is not possible to focus only on luxury flats. And luxury supply was just about enough. So they diverted their attention to small flats. Now with GDP and manufacturing sector and exports improvement, there was a sort of revival and the government also gave some kind of stimulus. So they again feel that there is scope in luxury. But exuberance in my view is constrained to Mumbai region only. Even in NCR region, prices have not gone up like they have gone up in Mumbai. Lot of new developers have come up who are investing in this. There is an interest in industry houses who have land and money and the expertise to construct.
B&E: Where are the investments going to be now focussed on?
GPS: At least no one will talk about SEZ after implementation of DTC. All those SEZs aren’t fully occupied so units also won’t come. It will be a dead investment. Now they are investing in residential. Those who have capacity or clientele are going for luxury flats, and those who don’t are building small flats.
B&E: Does risk of speculation in Indian realty still persist?
GPS: Those who speculated have burnt their fingers and are cautious. Developers also say now that it’s better to give to actual users rather than to speculators. But not all developers are the same.
“it’s only mumbai”
G. P. Savlani
Resident Director CREDAI
B&E: Is the exuberance back in realty?
GP: After meltdown, realtors realised that it is not possible to focus only on luxury flats. And luxury supply was just about enough. So they diverted their attention to small flats. Now with GDP and manufacturing sector and exports improvement, there was a sort of revival and the government also gave some kind of stimulus. So they again feel that there is scope in luxury. But exuberance in my view is constrained to Mumbai region only. Even in NCR region, prices have not gone up like they have gone up in Mumbai. Lot of new developers have come up who are investing in this. There is an interest in industry houses who have land and money and the expertise to construct.
B&E: Where are the investments going to be now focussed on?
GPS: At least no one will talk about SEZ after implementation of DTC. All those SEZs aren’t fully occupied so units also won’t come. It will be a dead investment. Now they are investing in residential. Those who have capacity or clientele are going for luxury flats, and those who don’t are building small flats.
B&E: Does risk of speculation in Indian realty still persist?
GPS: Those who speculated have burnt their fingers and are cautious. Developers also say now that it’s better to give to actual users rather than to speculators. But not all developers are the same.
For more articles, Click on IIPM Article.
Source : IIPM Editorial, 2010.
An Initiative of IIPM, Malay Chaudhuri and Arindam chaudhuri (Renowned Management Guru and Economist).
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