When Arkesh Mishra, 33, and his wife Anasuya scouted for a new home in India...
), are selling the promise of better living as they vie for the attention of the growing urban middle-class.
The apartments are costly by Indian standards and typically run upward of 10 million rupees , but builders say aspirational thirtysomething Indians working with big companies are more ready to pay for such amenities than older generations. “We worked with a developer, in the outskirts of Delhi, who was struggling with 40% unsold inventory. They used our systems and they’ve cleared out all stock. This happened in the past six months,” said Agarwal, who declined to name the developer due to customer confidentiality reasons.
Data from global property consultant Knight Frank shows that the number of new homes had gone up more than four times to 17,151 units in Mumbai in the fourth quarter of 2018, compared with a year earlier, while average selling prices fell nearly 7 percent. In Delhi and its suburbs prices rose about 1 percent, but inventory additions far outstripped price rises.
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