New Delhi: With the first major festivities of the year concluded with Navratras, Indian realty is keeping its fingers crossed for the remaining months of the year 2018.
The much awaited time of the year when sales and deliveries take place, realty sector sees the best days during each festive season.
As opposed to the previous few quarters riding with unstable sentiments and uncertainties pertaining to purchase decisions, the last month of the financial year witnessed a whole lot of traffic in the realty market which was evident with the massive footfalls of end users at projects which are more existent in physical form.
Developers were also seen upbeat with the improved market scenario as they came out with multiple offers which included heavy discounts, freebies and much more.
Few of the developers were also seen actively engaged in handing out possessions to the rightful owners during these auspicious days.
Overall though, the market was observed to be picking up some pace, promising a better growth and revival in the upcoming few months.
"With the festive season concluded, the realty sector always hopes for a momentum which should last longer. This year as well, the market has performed well in terms of renewed interests of end users and the much needed revival is becoming prominent in the sector with sentiments gradually becoming positive as well as the market gearing up for an even better response as the year gradually progresses. An equal surge was witnessed for both residential and commercial properties in this Navratras which goes on to establish that there is a prevalent demand for commercial spaces in the country and needs to be tapped properly," explains CEO, Spectrum Metro, Vikas Sharma.
"Homebuyers have never been absent from the market as projected by a lot of reports. A family which needs to move ahead on the purchase decision will do so irrespective of the sentiments in the market. The only exception is that they will be extra cautious with respect to the project they are investing in and the background of the developer in context of the deliveries which have been made by them prior to the selected project. The current demand for ready to move in properties is evident because of the above reasons but as the existing inventory gets cleared and new inventory is pushed in the market, homebuyers will definitely need to study the track record of the developer they wish to purchase with," said vice president CREDAI-NCR and MD, RG Group, Rajesh Goyal.
"This Navratras, there has been a better movement of customers towards project sites. The primary research is already done before this period but the final booking is preferred to be done during these days. One cannot say that there is an exponential growth in sales during these periods but final closings do increase and there is a marginal increase of four to six percent which is witnessed. Two of our projects, Gulshan Ikebana in Sector - 143 on Noida Expressway and Gulshan Bellina witnessed great demand for two and three BHK as one stands complete and the second is nearing completion," said president CREDAI-Western U.P. and director, Gulshan Homz, Deepak Kapoor.
Dehradun realty major, Pacific Group saw almost 200 percent jump in their sales figures and equally for people accepting possessions which has been the trend in this future smart city of Uttarakhand. The city has been the preferred destination of second home buyers because of its climate and geography.
NCR realty major Saya Homes would also soon be possession of its project Saya Zion in Greater Noida West which comprises of approximately 680 units. The developer would be sending out offers of possession and expects people to start acknowledging and shifting in units soon.
NCR realty major Gaurs Group which had offered a flat BSP of Rs. 3295 across its ready to move in units in Gaur City in Greater Noida West and have received over 2000 registrations every weekend. The acceptance of the scheme has been so high that it has been extended until April 1 now on public demand.
Another NCR developer Paramount Group has witnessed over 100 percent increase in site visits in comparison to last Navratras.
According to the developer, the demand for ready to move in properties has definitely gone up and they have witnessed over 500 percent increase in site visits on their projects Paramount Golf Foreste in Greater Noida, Paramount Emotions in Greater Noida West and Paramount Floraville on Noida Expressway.
Sikka Group, which has multiple projects in NCR, has also received an overwhelming response for all its projects with over 30-40 percent increase in queries at all sites. This was static across all its ready to move in and ongoing projects including the one in Dehradun.
With over three projects in line for completion, realty group SG Estates has witnessed over 40 percent increase in queries across their projects SG Grand in Raj Nagar Extension, SG Oasis in Vasundhara and SG Benefit in Govindpuram during the Navratras and the obvious reason being the extent of work which is visible at these project sites. SG Estates would also be soon coming out with their project SG Shikhar Heights in Siddhartha Vihar, Ghaziabad.
NCR realty major Mahagun Group continued with its Great Indian Property Bazaar through the Navratras and witnessed a major increase in footfalls and registrations.
Luxury and mid segment housing, both saw increased queries in comparison to last year.
GIPB is the annual property fest of Mahagun Group in which this year they had eight exquisite offers for seven of their projects in NCR.
The eight offers included zero percent GST Impact, one car parking free, no bank loan processing fees, wardrobes in all bedrooms, first free transfer, modular kitchen, hotel membership and one-year free maintenance.
The seven projects across which these offers were applicable are Mahagun Manorial Sec 128, Noida, Mahagun Mezzaria Sec 78 Noida, Mahagun Meadows in Sector - 150 on Noida Expressway; Mahagun Mirabella Sector - 79, Noida; Mahagun Montage in Crossings Republik, Mahagun MyWoods and Mahagun Mantra in Greater Noida.
"It's a normal tendency of the realty sector to perform better than non-festive days. There is an increment of about eight to ten percent on the sales front during the festive season as against the non-festive days. Even on the deliveries part, buyers tend to relocate to their properties during festive season more often. Thus, possessions taken up during this period rise about 10 percent as against the non-festive days. It is clear that the market observes better results on all fronts during the festive season," avers president CREDAI - Ghaziabad, Manu Garg....