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Gera in News
 
 
 

Pune developers go slow on new launches; market however remains stable

Financial Express - Page 22 - 1 February, 2012

fe Bureau Pune, Feb 8: Developers in Pune are going slow on new launches. Around 716 new projects were launched in Pune in December 2011 as against 616 new projects in June 2011 and 325 new projects in December 2011, a 'Gera Realty Report – June to December 2011' an in-house study on Pune's real estate market prepared by Gera De-velopments, a Pune realty company says. This trans-lates into a new stock of 38,093 units in December 2010,down to 33,045 new units in June 2011 and 18,428 new projects in December 2011 clearly indi-cating a reduction in the num-ber of new projects, Rohit Gera, MD, Gera Develop-ments said. "Developers are taking the more cautious outlook and are working on their projects in a phased manner unlike the past in 2007-08 when they would end up creating stock first,” Gera said.“The overall mood over the year has been pretty gloomy - interest rates have been rising last year, in- flation has been stubbornly high, industrial production has been down, the Europe crisis has been an overhead dark cloud rearing its ugly head in every scenario. All these macro economic trends have led to the industry turn- ing cautious. Real estate is no different. Developers have therefore been quick to adjust their project launches in tune with the sentiment and mood of the market,”he explained. However, the the real es- tate market in Pune metropol- itan region shows signs of stability in terms of demand and supply, he said. A total of 1,695 projects across the city across 20 micro markets were considered for analysis by the company. The 1,695 projects have a total of 178,775 apart-ments at various stages of construction. Of the total 1,78,755 apartments, 36,124 (20%) apartments were avail-able for sale indicating a high sell-out of 80% (142,651 apart-ments), he said. The avail-ability was 22% six months ago (38,323 apartments out of 174,981 apartments) and 25% 12 months ago (39,376 out of 160,255 apartments). "This reduction in avail-ability is significant as it indi-cates a reduction in the over-all stock of apartments in the city. This is especially impor-tant as this reduction in avail-ability has happened during a period where inflation has been significantly high, in - terest rates have risen and the overall sentiment has been bearish during the last 12-18 months,”Gera said. Interestingly, home buy-ing has not abated as seen in the increase in the sellout ra-tio from 78% to 80% from De-cember 2011 and an increase in the property rates in the last one year, the report said. Gera said that a 2% rise in the sellout ratio is evidence to the fact that demand is pushing prices up or else demand would have slowed down with the price increase. The high sellout from the developers perspective indi-cates an extremely healthy cash flow position and on the whole the data indicates that there is no scope for any re-duction in prices, he said. Given the direction of infla-tion,indications from the RBI that interest rates will soften, the current cost structure for developers and most impor-tantly the overall stock posi-tion, price movement in 2011, Pune could see a price rise of 15% to 18% in 2012, Gera pre-dicted.

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It was indeed a pleasure being a part of the Christmas celebrations at Astoria. Kudos to the Gera team for bringing in such a wonderful event with great carol singing participation from our own kids. It brought in the spirit of Christmas and the games, Santa, the gifts only added to it. Thanks for organising such a wonderful event which helped in community building...looking forward to many more such celebrations!

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The Christmas event organised at Astoria was a big success and a big step in bridging the gap between us and Gera. It was a memorable event as we are still in the beginning of our journey of life in our little home at Astoria. The kids have been the happiest of all and what more can we ask for when we see smiles on the faces of our little ones. Kudos to you and your team for making this event a huge success! Looking forward to many more in the years to come.

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The Christmas party organised by Gera at Astoria this year was a great success with good participation from kids and parents. Our children Sia and Saish enjoyed the party to the fullest. Sia, in particular, had a gala time and reiterated her stand that Anita aunty's parties are THE BEST.... We as your customers take much pride in informing our friends that such goodwill gestures are one of the many differentiators Gera brings to us, which no other builder in Goa can boast of. Many thanks to you and your team for doing an excellent job in putting up this event. We look forward to the next one! A big thanks to the Gera Management for its efforts in community building.

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