Diwali lights up business for realtors

Written by Mona Mehta | Mumbai | Updated: Oct 22 2009, 04:05am hrs
With the real estate market gaining momentum, top builders feel this Diwali has been far better and rewarding for them, compared to the previous one.

Navin Raheja, managing director Raheja Developers, says, We have achieved more than what we had envisaged this Diwali. We had launched a project called Raheja Shillas in Gurgaon, thinking that it will take around two months to sell approximately 70% to 80% of the project. But, with the realty market showing positive signs of revival, we sold the project in only 10 days. He also added, The inaugural discount was being offered initially. But the rush was such that we had to withdraw the discount immediately. Despite this, the project was sold out 90%. We plan to sell the remaining 10% at the time of possession.

The second quarter of the financial year 2009-10 has seen the real estate market recording stability in terms of pricing. Niranjan Hiranandani, managing director, Hiranandani Constructions, told FE, Diwali has fueled the demand further. A greater number of enquiries by end users have been recorded for residential properties. We feel that during Q3 2009-10, the real estate market demand will witness a demand growth of 35%.

Many builders feel they recorded profits starting from Navratri itself. Abhishek Lodha, director, Lodha Group says, We have witnessed a rise of over 35% in demand and sales conversion for properties which include Lodha Bellisimo in Central Mumbai and Bela Casa in Dombivali. This can be attributed to various factors such as overall growth in the economy, including reasonable home loan rates at which end buyers can afford to buy properties. This is because realty prices have dipped over the corresponding period last year.

Shivom Group has set itself a target of selling 1.5 crore worth of apartments at Shiv Aum Gardens in Karjat where prices range between Rs 10 and Rs 12 lakh. Amardeep Gambhir, managing director, Shivom Group says, Since the past one week, our Karjat project has generated many enquiries and we have completed three deals. This Diwali has been better than Diwali last year and we hope to achieve the target in the next 15 days. Shivom Group has recently announced that it will provide customers a range of exclusive offers to choose from, for bookings made at Shiv Aum Gardens, Karjat this Diwali. Buyers will be given the opportunity to choose between a free Bajaj motorcyle, free stamp duty registration, a free modular kitchen or a free lifetime club house membership for all apartments booked at Shiv Aum Gardens, Karjat until October 31, 2009.