With leading property developers in the National Capital Region, such as DLF, Unitech and Parsvnath, battling financial or legal woes, many builders from Mumbai are heading north, sensing an opportunity to capture part of one of the most sought-after realty markets. These builders plan to launch new projects either on their own or through acquisitions and joint ventures (JVs). Opportunities for development as well as a fall in land prices following a prolonged slowdown in the sector have become a big draw for well-funded developers from Mumbai, such as Shapoorji Pallonji, Kalpataru and Dosti Realty, which have followed the likes of Godrej Properties to the region.
On the other hand, while Parsvnath has exited the Mumbai market, both Unitech and DLF, which have one or two projects here, are not launching any new projects. Shapoorji Pallonji Real Estate is looking to launch and acquire a couple of projects in the NCR, mainly in Noida and Gurugram, said its CEO, Venkatesh Gopalakrishnan. “Sales prices have corrected in the NCR. But if we buy land at the right price and adjust sale prices according to market, we should do well,” said Gopalakrishnan. Land prices, he added, had fallen significantly in the NCR, presenting a clear opportunity to buy land and launch projects.
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