Mumbai-based real estate company Royal Palms, which is developing a 240-acre mixed-use project at suburban Goregaon here, is offering commercial space at Rs 2,999 per sq ft, at a 35 per cent discount on current rates, in an attempt to clear commercial space inventory.
In August, the developer sold residential space and commercial space worth over Rs 270 crore at Rs 3,999 per sq.ft in an inventory clearance sale, at over 40 per cent lower than the prevailing market rate in the locality. It was also near 40 per cent lower than what the developer had quoted in 2007. However, the commercial component did not have many takers.
We had sold close to 1,000 units. This apart, since 2003 we have sold close to 1,800 apartments at different rates — from Rs 2,600 per sq ft to Rs 6,500 a sq ft, said Mr Dilawar Nensey, Joint Managing Director, Royal Palms.
More : thehindubusinessline.com
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