Released on: September 24, 2008, 1:42 am

Press Release Author: varma

Industry: Real Estate

Press Release Summary: Reputed real estate developers in Mumbai and many parts of
the country have started selling their commercial real estate which includes office,
retail and hotels, rather than leasing them out.


Press Release Body: Reputed real estate developers in Mumbai and many parts of the
country have started selling their commercial real estate which includes office,
retail and hotels, rather than leasing them out.

The developers are ready to sell properties at a rate which is seen attractive by
the buyers today. The appetite is to purchase, build and sell off projects, with the
prospect of gaining immediate returns, according to experts.Raheja Corporation,
which has huge office spaces in multiple projects spread across Pune, Hyderabad and
Navi Mumbai, have started selling their office spaces. Not only that, various other
subsidiaries of the Raheja Group have actually started the process of selling their
office spaces across the country, including Mumbai, according to a company source.

Indiabulls Real Estate has recently started selling their office spaces based in
Tulsi Pipe Road, Jupiter Mills and Elphinstone Mills. According to sources,
“Indiabulls Center, which was leasing out office spaces, has now started the process
of selling the office space completely.” Ashok Piramal group’s realty company
Peninsula Land Ltd (PLL), which is developing commercial buildings in Ashok Gardens
– a premium residential project comprising 2-, 3-, 4- and 5-bhk (bedroom, hall,
kitchen) apartments located at upper Parel in Mumbai - is selling off the commercial
building instead of leasing the property. Peninsula Land, which had sold off 5 lakh
sq ft of Dawn Mills, is now in the process of selling complete 19 lakh sq ft. Realty
major, DLF too is in the process of selling a part of its big commercial
establishments instead of leasing. Competitor, Hiranandani Constructions is
understood to have not entered into a single land deal since the past few months.

Anuj Puri, chairman and country head, Jones Lang LaSalle Meghraj, has cited various
reasons behind developers wanting to sell properties instead of leasing them. He
said, “There are owner occupiers wanting to take the benefit increasingly of the
properties on lease and wanting to buy. The lease rates are still high while there
has been softening of the sale price and the builders need some cash flow.” When
contacted, Sanjay Dutt, MD, Cushman & Wakefield said, “Today, real estate developers
are willing to enter only those projects which can be purchased, built and sold off
quickly and make money. Developers have started believing in futuristic games. Real
estate market is here to continue very strongly in the long term. Real estate
developers should also ensure to take steps........

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