Retail players are planning to expand but with caution. It seems the slowdown of 2008-09 is still weighing on their minds.
The labour shortage for the Games is about 20 per cent, according to Rakesh Mehta, chief secretary of the Delhi city government. He told Business Standard several projects are suffering due to this problem.
However, the cost for the coming round is yet to be decided; it will be below Rs 10 lakhs (Rs 1 million) for each unit offered, but how much below is not clear. Nor have the cities been decided.
The minister also announced that the low-cost housing (property up to Rs 20 lakh) segment would be exempted from service tax.
While the other two companies in the group--Satyam Computer and Maytas Infrastructure--are back to business-as-usual with new promoters, Maytas Properties (MayProp) is yet to get its house in order. This is despite the passage of more than a year after the founder-promoter, B Ramalinga Raju, confessed to a big accounting fraud.
Announcement of an increase in prices will dampen the affordable housing business at a time when realtors already face razor-thin margins.
The model offers homes with sports facilities like race tracks.
In two years, Indira Paryavaran Bhawan, which comes under the ministry of environment and forests and being constructed over a 9,000-sq metre plot at Aliganj in Delhi, will be showcased as the government's drive to set up green buildings.
Real estate players also report an increase in demand from the IT sector.
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