Sep 30 2017 : The Times of India (Mumbai)
THE REALTY MARKET IS LIKELY TO WITNESS GOOD BUSINESS THIS FESTIVE SEASON AS PROPERTY PRICES HAVE REMAINED STEADY FOR QUITE SOME TIME, GIVING BUYERS A GOOD TIME PERIOD TO PLAN THEIR INVESTMENTS
Dussehra festival is considered to be the harbinger of prosperity and is believed to be the most auspicious day for high-end purchases like property. Last year, the festive season did not meet developer’s expectations as buyers stayed away from the market -primarily due to execution delays, an uncertain economic scenario and unattractively high prices.Most aspiring home buyers preferred to wait until Real Estate Regulation Act (RERA) kicked in fully to make any property purchase. However, the 2017 festive season has started on an altogether different and far more positive note. Anuj Puri, chairman of leading property consultancy says, “The structural reforms by ways of RERA and Goods & Services Tax (GST) have helped to firm up buyer sentiment. Developers too have progressively adjusted their business approach in the new era of transparency brought in by these regulations, and have geared up to cater to the pent-up demand for homes this year.“
The market is brimming with lot of opportunities and offers. Aniket Haware, managing director of a realty company says, “After the introduction of newer policies developers are putting across the best deals and offers to win customer confidence.“ Also during this phase most of middle and upper-middle class segments look to book economical flats. Manju Yagnik, vice chairperson of a realty firm says, “Buying a house is once-in-a-lifetime investment, in most cases therefore, it is preferred to be bought during festive occasions.There was a ‘wait and watch’ attitude amongst the buyers ahead of RERA, that has given a rise to ready inventory, hence projects consisting of ready to move in apartments closer to commercial hubs and good infrastructure will definitely see a boost now.“
Moreover, with developer’s announcing huge discounts, freebies such as vehicles, gold coins and waiver in stamp duty and registration fees, potential homebuyers are willing to invest in property. Such occasions have not only got the emotional high quotient to ignite the buyers’ sentiments, but it has been a catalyst to the revival of the market as well. As a result, developers too are looking at tapping potential home buyers, who are really looking to buy.
BEST TIME TO BUY
It has been a trend for past many years to encourage and derive optimum benefit; developers wait for festive period to launch new projects and offer incentives to buyers. The increased supply acts as a suppressant on property rates, however temporarily. In other words, one can enjoy some true bargains if one is planning to purchase during the festive season. Rohit Nagare, software developer says, “I have been delaying my purchase decision for past two years, but will finalise the property if I get a good bargain.“ While it is important to evaluate the benefit such festive offers and discounts provide, it is even more important to not base the buying decision on such schemes, discounts and offers alone.The buyers should not get carried away by the appealing offers and ignore the hidden charges, but should be more vigilant and read all the conditions before signing the deal.
Vibha Singh (Contact email: rashmi.sanzgiri @timesgroup.com)
Publication / Article Source: Times of India