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The unpredictable nature in the real estate property business has witnessed lots of lows and highs from the sale of properties. Even though many believe the real estate companies are inside a minor slump around the world, certain cities have been capable of defy odds and post good success.
In India, the city Kolkata witnessed an increase in the sale of housing units over the last quarter. Town saw a 32% rise in units sold in comparison with Q2 in the year 2015, according to data collected from the realty research agency.
Other reports suggested the real estate market saw a 17% rise in the sale of properties in all of the eight metros combined. Researchers stated the explanation for the development in sales over the past quarter may be because of a stop by prices of projects.
Can luxury apartments function as game changer?
While real estate marketers have tried their utmost to construct projects which cater to most, there are a number of projects coming which target merely a few clients. Luxury apartments and complexes are increasingly being built by real-estate developers and the projects are incredibly expensive in comparison to the other projects but with justified reason.
Real-estate marketers are earning top designers and architects from across the world to aid design and execute these projects. Most complexes falling under the luxury category feature large sized apartments and duplex flats plus a range of great amenities.
Although expensive, luxury projects are seen as a jewel within the crown for real estate developers, something which will help them stay ahead of competition and hopefully attract a lot of revenue from sales.
Most regular apartment complexes feature 2 BHK and 3 BHK flats but luxury projects feature larger flats having 4 BHKs and a lot more to supply to prospective buyers. These flats, with regards to the city, cost anywhere between 2 crores to 50 or 60 crores and harder to trade than non-luxury apartments. Obviously any good single flat sold produces a large amount of money for your property developer.
While residents acquire the best facilities and cherish the grandeur of living in these luxury apartments, situation a danger for the real estate property developer – the flats can stay unsold for long amounts of time. In a industry that has so many projects approaching, the requirement to have a very project which gives the developer a distinctive identity is of the utmost importance. Considering that the rewards for building a luxury project outweigh the potential risks involved, it must lead to far greater variety of such projects coming in the foreseeable future.
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