Thrusday, June 03, 2011

Realtors Turn to small-town Brokers

              Home sales in Mumbai dropped 17%, Bangalore 14% and Hyderabad 15%. Unsold inventories in Mumbai are up 25% and in Delhi-NCR 16%, leading to huge losses.
              Shiv Priya, executive director of Amrapali, says: "We are tapping brokers in smaller towns with huge numbers of high networth individuals who have enough appetite to buy homes. Nearly a quarter of our current sales are coming through investors in towns like Gaya, Indore, Raipur, Begusarai, Mokama, Muzaffarpur and Guwahati, among others."
              The Developers like Mumbai's Lodha Group, Ramky Infrastructure from Hyderabad, Noida-based Earth Infrastructure and Gardenia Group and the Bangalore-based Prestige Developers, have been offering us six times to normal brokerage fee, others are providing free sedans for selling two-three residential units in their project."