The festive period has always brought good news for the property markets in India. Developers have the same expectations this time too
Real estate is one of the sectors that reaches the peak during the festive season which is from October to December. The season starts from Navratri followed by Durga Puja, Dussehera and reaches its peak around the festival of lights, Diwali.
“As the sentiment in the market has become more positive, post the rate cut by RBI and banks, we expect the mood to turn up wherein the fence sitters would come forward to close the deals and buy houses in this upcoming festive season,” says Getamber Anand, CMD, ATS Infrastructure Limited and president, CREDAI.
This festive season is historically designated as auspicious for wealth building and property acquisition.Pankaj Goel, secretary, CREDAI NCR and MD, Express Builders Limited, says, “Festive season along with the recent rate cut by RBI has created a win-win situation for both home buyers as well as developers.Festive season being considered propitious is always looked as the best time to invest in properties. On the other hand, RBI’s higher than expected rate cut of 50 bps on such a perfect time has invited praise from all over the real estate sector.”
Developers are looking forward to the festive season with a hope that sector will see an upward growth. “Since the last six months have been very lean for the sector, developers are banking on the festive season. With the approaching festive season, enquiries have also picked up by 15 per cent, against last year. In our country, people link property acquisition with auspicious dates. Navratri is considered to be the most favourable time and we are hopeful that this season will bring us new customers, so we are looking forward to the season, hoping the sector to see a growth,” according to Manoj Guar, MD, Gaursons India Ltd. Giving a similar opinion Anil Sharma, CMD, Amrapali Group, says, “We have already seen a rise in the queries during last one week and, coupled with the approach of festive season, we are quite confident that we will sell more number of dwelling units this quarter during festive season.”
There are many more property in noida extension offering diwali offer in this year.
“As we know that the real estate market is stagnant and easy EMI attractive payment plans have been offered by big developers. On the other side, as on government level many policies are yet to be implemented. I do see that once the executions of these policies will get started, the prices will start to rise,” Sharma further adds.
Yash Miglani, MD, Migsun Group, says, “Festive season com mences with Navrataras and ends with Diwali, and is that time of the year when there are both aspirations and opportunities amongst buyers and developers. Developers look at it as an opportunity wherein their inventories can be sold in large numbers and for customers this season is an opportunity to choose their dream home from a large array of properties and that too at very competitive rates coupled with attractive schemes and payment options.”
More than anything else, sales of residential market is what is looked at the most. As according to Indian scenario, buying anything especially a house is never more auspicious than this time. “The sales in the residential market are usually expected to pick up during the festive season as various festivals are considered to be auspicious for purchasing a new house. People look forward to invest on the auspicious days and it is believed that over 40 per cent of all real estate transactions take place during October December period,” says Amit Modi, director ABA Corp and vice president CREDAI Western UP.