Enthused by the increasing housing sales in current months amid Coronavirus scare, developers look to be very upbeat on this festive season. Various current reports published by home consultants currently point to the green shoots of revival in residential true estate.
According to a current report by ANAROCK Property Consultants, for instance, housing sales in the top rated 7 cities have surged by 29% YoY in the 1st quarter of 2021, when new launches improved by 51% in the course of this quarter against the corresponding period in 2020. Another report by Proptiger.com states that India’ 8 prime residential markets have recorded a quarterly enhance of 12% in the January-March quarter (Q1) of calendar year 2021 compared to the Oct-Dec quarter of 2020.
No wonder, a massive quantity of developers are once more betting major on this festive season. The assumption that sales will enhance additional in the course of this season can be attributed to the truth that following the pandemic, men and women have begun to recognize the worth of owning a home. People are also in search of improvements in their present properties as a outcome of the current work-from-household trend. Developers are also producing profitable gives to lure purchasers.
“India’s residential real estate market is seeing a positive trend as the economy steadily recovers, as evidenced by global rating agencies and think-tanks revising India’s growth forecasts for 2021 and 2022. The rise in supply numbers in the first quarter reflects this positive shift, indicating that developers are more confident in liquidity support and consumer sentiment. On the demand side, metrics have generally remained steady, with the job market opening up again in different sectors, giving people the courage to take advantage of a housing market that is at its most affordable in years,” says Mani Rangarajan, Group COO, Housing.com, Makaan.com and Proptiger.com.
Raheja Developers has come up with their ‘Zabar-Dus 10/10’ provide. Under this, the developer is providing investors 10% rentals for 10 years. The investment begins from Rs 59 lakh. Another provide is Double Rental On Investment (DROI) in two properties — 9% rental for 3 years in Raheja Mall, Gurugram, and 9% rentals for 4 years in Ginger Hotel, Raheja Square, IMT Manesar. Both the properties are operational, and the rental from the brand would be provided added as per actual. Investment beneath DROI begins at Rs 36.13 lakh.
“There is a change in mindset and people want to buy or invest in property for creating rental income etc more than ever before. Earlier smaller ticket size was rarely available. So, the fractional investment option in Commercial Real Estate (CRE) has come as a welcome relief for small ticket size investors, and it is the best way to attain financial security in the current pandemic period. After a challenging time, everything has started falling in place for the real estate sector and people are now interested to invest in real estate assets. Prices are competitive, and even interest rates are low. The government is taking steps to bring in ease of buying and is infusing funds in the sector. The market sentiments are much better, as is evident from various market reports trickling in; the need is to have the right product that suits the buyers/investors’ requirements,” says Achal Raina, COO, Raheja Developers.
Spectrum Metro has also come up with their Navratra provide exactly where the firm is providing present vouchers from Max worth Rs 25,000 on each investment under Rs 50 lakh, and Rs 40,000 Max vouchers on each investment above Rs 50 lakh. The provide is valid till April 30, 2021. “The market is coming back to normal, and people are increasingly investing in real estate assets. We are sure that this festival will help the sector reach pre-pandemic levels. The upcoming quarter is also looking good, with people realizing the importance of investing in real estate assets. The commercial segment will do especially well as it is the perfect investment tool that can provide extra income in the form of rentals and capital appreciation,” says Sagar Saxena, Project Head, Spectrum Metro.
Under Migsun Group’s Navratri provide, one can get 5 gm gold on booking a home with Migsun Home. During the festival, any person can book a home by paying just Rs 21,000 in any of the projects by Migsun. The gives are valid till April 21, 2021.
Yash Miglani, MD of Migsun Group, says, “The challenging times are over for the real estate sector as people are going ahead with their purchases. Even the current upsurge in corona cases will not affect the market much as people and developers are ready to tackle it. The sector learnt the importance of technology adoption, and people have realized the importance of real estate in their lives. The festival season is going to be the point from where real estate is going to have a good recovery in the coming quarters.”