TNN | Apr 22, 2017, 07.18 AM IST
Considering that affordable housing fits into most buyers’ budget, many developers are looking forward to cash in on this auspicious occasion by further offering discounts and attractive deals.
Most home buyers wait for this auspicious day to take the plunge into the realty market as several developers offer schemes and discounts during this period. This year, industry experts are expecting an upward movement in sales on the occasion of Akshaya Tritiya, especially in the affordable housing segment in Mumbai suburbs. Maulik Sheth, director of a construction company, says, “The government’s efforts to promote affordable housing and infrastructural development in the city are some of the significant movements the realty market has witnessed in the past year or so which promises better times for this sector going forward.”
After the sops given in the Union Budget, now units with bigger area qualify for affordable housing making more units applicable for affordable housing benefits. Manju Yagnik, vice chair person of Nahar Group construction company, says, ”The announcement of ‘infrastructure status’ to the affordable housing sector will serve as a significant step in achieving the government’s ‘Housing for All’ mission by 2022. In the past one year, looking at the huge demand, developers have modified their products into affordable housing segment. Currently, buyers and investors are in the wait and watch mode. There is a huge demand right now for this segment and the supply is comparatively less especially in the city. Buying a house in the city with less than one crore rupees is not possible right now, but with affordable housing projects it will be possible.”
Mumbai suburbs and MMR have multiple options in the affordable and affordable luxury category for the buyers to choose from. Girish Shah, director of a realty company says, “Affordable housing is witnessing rising demand in Mumbai, particularly in the suburban areas. To cater to this requirement, developers are constructing more affordable projects and offering top-notch amenities. However, it is a common practice in India to wait for auspicious festivals to invest in high-value assets. These festivals further spike the demand for properties.”
Some experts are also expecting the prices to plunge further in case of affordable homes, keeping up with the demand and supply. Farshid Cooper, director of a leading realty com pany, says, “There is a clear indication of increased demand in the Mumbai real estate market in the last three months. There have been a slew of transactions in the month of March which has given immense confidence to all the market players especially in the affordable housing segment. Two key factors have been responsible for driving demand in this sector.The first one is the interest rate reduction which has resulted in considerably lower EMI burden.It has also ensured higher loan eligibility for a large segment of potential buyers, thereby increasing overall market size.And second, the festive occasion makes it an ideal time for buyers to invest in property, encouraging developers to offer aggressive schemes to clients and hence customer should look at cashing in on good deals for their home buying needs.”
Most of the developers look to cash in on this opportunity by offering discounts and freebies during festive period which certainly helps to boost their sales. Pakshal Sanghvi, director of a leading realty firm, says, “Though offers play an intrinsic role in real estate purchase, the consumers almost always consider checking the basics like connectivity, infrastructure and various amenities before taking the big leap. The eastern as well as the western suburbs provide a good mix of all the above-mentioned factors, along with the best of offers. In order to make sure that developers cash in maximum during Akshaya Tritiya, they give out amazing offers. This year, giveaways like 10 to 20 gm gold, brand new cars, flexible payment option, waiver on stamp duty are some of the hottest offers this season being given out by various developers.”
Publication / Source: Times of India