Realty sector seems to have found new lease on life. The year's first major project launch in Mumbai, Lodha Group's luxury residential development saw an unprecedented response with more than 1000 applications, representing almost Rs 4000 crore of sales, from customers within the first three hours of opening the application window this morning.
"This level of unprecedented success is making us consider the release of fresh inventory to take care of more demand expected over the next nine days," the company press release said.
The project codenamed 'Blue Moon' is planned for development on the 18 acre land parcel that Lodha recently acquired from DLF at Rs 2,727 crore, making it the largest real estate transaction last year.
Launched at Rs 23,391 per square feet plus floor rise of Rs 90, apartment sizes begin from 854 square feet (carpet) to 1448 square feet (carpet). Lodha has set the booking amount at Rs 9 lakh.
The real estate major believes the response is indicative of the very strong demand reemerging in the real estate space. Lodhas have assured 20 percent appreciation in the second phase launch.
The overwhelming response comes as a refreshing change for the sector. According to a report by real estate research firm Knight Frank, the revenues of India's top 25 realtors had declined 4 percent cumulatively to Rs 6,744 crore in the second quarter of FY13 on a year-on-year basis, highlighting the slump in the real estate sector.
However, the slide in the sales momentum of the industry witnessed until Q3FY12 has come to a halt now with realtors switching focus to the residential market, which even in this tough economic environment, fares better in comparison to commercial real estate.
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