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National: Realty Agents Turn Builders Due to Real Estate Boom

Many real estate agents are turning into builders due to the booming industry. Property brokers having huge savings are reaping the benefits of growing market by launching their own projects in cheaper localities. Their focus in on small projects having around 10 to 40 units only and the areas not covered by organized developers. Even some brokers are also entering into joint ventures with landlords and big developers itself.

 

Prashant Sambargi, partner at a Bangalore-based real estate brokerage firm Mars Realty and a builder says, “I am now looking at smaller sized projects with 18-40 units with 20 months’ turnaround time… big builders do not enter this segment.”

 

One of the benefits these newly turned developers have is better understanding of what home buyers are looking for and the problems builders have to face.

 

As per reports of PropEquity, a property research firm, in the first quarter of current year(2013), there was a significant increase in sale of housing units. It increased to around 13, 800 from 9,742 in the year-earlier quarter. In larger real estate markets of Mumbai and National Capital Region (NCR) sale of residential units was around 15,500 and 26,800 respectively, in the first quarter. This has helped brokerage houses grow their business both in term of profits and number of transactions.

 

Samir Jasuja, Founder and Chief Executive Officer (CEO) of PropEquity stated, “Bangalore has been performing well with a 58% increase in new launches and 42% increase in absorption in the first quarter.”

 

According to Cushman and Wakefield report, “Experienced developers launched around 38,000 residential units in the first quarter of current year in major cities with mid-range segment constituting 60% of the total. In overall new supply of around 31% has been contributed by Bangalore followed by NCR and Mumbai.”

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