Hit really hard by the pandemic, the nation’s home developers have began betting significant on the festive season for revival of fortunes. And not without the need of factors.
Industry professionals think India’s residential true estate industry may possibly witness a robust demand for apartments, independent floors, villas and plots for the duration of the upcoming festival season. A robust revival in the country’s financial development in the existing fiscal, historical low interest prices on home loans and profitable festive delivers by developers as properly as economic institutions will be the main drivers of housing demand.
“With housing prices remaining stable over the last few years, it is a good opportunity for both end user customers and investors to enter the market and purchase residential properties. More because developers would not be able to hold on to the current prices for long considering that we are seeing a sharp rise in input costs. Already, we have seen some large developers, who have a good execution track record, revising prices upwards,” says Dhruv Agarwala, Group CEO, Housing.com, Makaan.com & Proptiger.com.
“The upcoming festival season is crucial for the real estate industry and we strongly believe that this could be a turning point for the housing sector that will likely perform exceedingly well over the next several quarters,” he adds.
Interestingly, a number of developers and realty consultants have also began providing restricted period discounts on home rates and have come out with revolutionary festive delivers and payment schemes in a bid to lure the potential home purchasers and give a increase to home sales.
For instance, Housing.com has lately launched its Mega Home Utsav 2021 to money in on the festive season, which will run in between the 1st October and 31st October 2021. The month-lengthy occasion would see participation from more than 150 builders, showcasing their properties in 12 cities of India, such as Ahmedabad, Chennai, Bangalore, Delhi, Faridabad, Ghaziabad, Gurugram, Hyderabad, Kolkata, Mumbai, Noida (Gr. Noida) and Pune.
For Gaur World SmartStreet (Greater Noida West), exactly where retail shops start out from Rs 24.95 lakh, the Gaurs Group is providing 12% assured return, one assured present, a 30:40:30 payment strategy, and an SUV auto to a fortunate winner. At Gaur City Centre (Greater Noida West) prepared-to-move-in shops, the Group is providing economic freedom by providing 7% assured return on investment beginning from Rs 13.5 lakh for workplace spaces, and Rs 21.5 lakh for retail shops. Another give is for Aerocity Yamuna industrial plots, which is close to the upcoming Noida International Airport and Film City. The Group is providing 12% return on investment and a auto on each booking.
Talking about his expectation from the festive season, Manoj Gaur, CMD, Gaurs Group, says, “In the aftermath of the epidemic, the real estate market is seeing favourable buyer and investor sentiment. From June 2021, when states began the progressive opening-up process, home sales and new launch numbers have started rising. Home loan affordability remains strong given the RBI’s decision to keep key lending rates at record low levels. The country’s real estate market will benefit from the favourable effects of the world’s largest immunisation programmes. The sector has high expectations from the festival season.”
The Gulshan Group is providing individual wardrobes in all bedrooms and a modular kitchen with a chimney & hob in 2 BHK units of its RTM project Gulshan Botnia (Sec 144, Noida Expressway). In Mahagun Group’s below-building retail park Mahagun Marina Walk, situated in the heart of Greater Noida West with a constructed-up region of approx 1.3 million sq ft, one can book a piece of home at 25% and earn 25% with lease assure post possession.
The Bhumika Group’s festive delivers contain a possibility to earn Rs 11,000 per month as assured rental by investing in shops at Urban Square, Galleria Mall, Alwar, which start out at Rs 11 lakh. They are also providing assured rental at Urban Suites serviced apartments, Urban Square, Udaipur, exactly where investment begins from Rs 34 lakh. The give right here is 30% income sharing or 6% assured rental, whichever is greater for 5 years.
“We are expecting good buyer and investor turnout during the festival season; the market has opened up and people are looking for good deals. The coming few months are going to cover up the slowdown of April-May 2021, which was already evident from June 2021 onwards,” says Uddhav Poddar, MD, Bhumika Group.
Realty developer Sushma Group also has come out with a new scheme below which it will spend rent to the purchasers till they get possession of their home. This give is valid for their 14 various residential item choices in Tricity with a period of 3 months to 15 months. The group aims to minimize the pre-possession period of 6-8 months for purchasers so that they do not have to bear the double burden of each rent and EMI.
Prateek Mittal, Executive Director, Sushma Group, says, “Many buyers have been showing interest in ready-to-move-in apartments so that they do not have to pay rent and can shift immediately. Some buyers are paying the rent and are ready to start EMIs, which would enable them to purchase an apartment. This prompted us to think of an initiative where we could extend a helping hand, and this idea of paying their rent came up.”
The festive season is, therefore, anticipated to bring cheer to the pandemic-hit realty industry.
Navdeep JP Sardana, Founder, Elite Landbase Pvt Ltd, says, “This year the festive season is likely to witness voluminous buyer/investor activity, backed by favourable market conditions for investment. The wide range of products in line with the current demands will steer the real estate ship towards a recovery path. We expect that the sales will surpass the pre-COVID festive buying due to the increased awareness among buyers/investors of the financial viability of real estate assets. The signs are apparent with the sales numbers seeing a tremendous spike post-June 2021.”