The real estate sector has not been doing very well in many parts of India in the past few years. Thanks to the protracted slowdown in property markets in most Indian cities, developers have seen a rise in unsold inventory. Lower sales have induced a sea change in pricing strategies, and this has led to ticket sizes coming down even in the case of ready-to-move properties. This has proven to be necessary because selling existing inventory is the only way developers can accumulate capital to fund future projects.
So it is better to buy at this time of the year (Navratras to Diwali) because developers are ready to negotiate and strike a deal that best suits their customers. Excellent properties by reputed developers in very good localities are now available at prices which were previously possible only if buyers were willing to wait for two years or more.
“With sentiments running positive and buyers willing to make the purchase of their lifetime, festive season serves as the backbone for the real estate sector of our country each year. It is believed that buying a property during Navratras and Diwali brings good luck in family due to which real estate sector observes highest sales during the festive months. Developers are also seen proactive with respect to the deals they offer during this time as buyers will have a pool of options to choose from”, says Dhiraj Jain, Director, Mahagun Group who have introduced a special offer across all its ongoing projects in Noida, Greater Noida West and Ghaziabad. In these projects, on every booking during this period, they would be providing a free car parking space along with a 10-gram Gold coin.
Other developers have similar schemes too. Kushagr Ansal, Director of Ansal Housing says, “This time of the year is considered auspicious for purchases such as property, automobile, jewellery, and others that are expensive in nature, and Indian buyers hold a belief that making purchases during such occasions can bring a good fortune. Industries and sectors across the country plan out big and offer the best deals during the nine days of Navratras and Diwali, as revenue and sales are generated the most. Speaking about the real estate sector, developers take this time as a boom, since footfalls and conversions take place highest during these days.”
Possessions Getting lined up
Festive season is the time when people plan property purchases. Those who have ready-to-move-in units take possession or conduct house warming in the festive season too. Considering this, developers across the NCR are building at a faster pace, to make sure that they deliver flats in the next couple of months. “Festive season is not only about higher sales, but also a time when ready units observe their rightful owners taking possession. Here also, we are planning to bring smiles as we will have around 4,000 units to be offered for possession in the next couple of months during the festive season, for our project Gaur City”, says Manoj Gaur, President CREDAI-NCR & MD, Gaursons India Ltd.
Ajnara India Ltd. has plans to offer possession of about 5,000 apartment units in the next few months across its several projects, riding strong on the festive season. “We and our customers will have a lot of reasons to smile as not only will we witness better sales, but a lot of homes will be lit up this festive season”, says Ashok Gupta, CMD, Ajnara India Ltd.
Deepak Kapoor, President CREDAI-Western UP & Director, Gulshan Homz has recently said that home buyers will get possession of almost 45,000 units across Noida and Greater Noida by the end of this financial year, i.e. March 2017. With so much in pipeline, the real estate sector is likely to see better sales this festival season.