The assumption that sales will increase further during this season can be attributed to the fact that following the pandemic, people have begun to realize the value of owning a house.
Enthused by the rising housing sales in recent months amid Coronavirus scare, developers seem to be quite upbeat on this festive season. Various recent reports published by property consultants already point to the green shoots of revival in residential real estate.
According to a recent report by ANAROCK Property Consultants, for instance, housing sales in the top 7 cities have surged by 29% YoY in the first quarter of 2021, while new launches increased by 51% during this quarter against the corresponding period in 2020. Another report by Proptiger.com states that India’ 8 prime residential markets have recorded a quarterly increase of 12% in the January-March quarter (Q1) of calendar year 2021 compared to the Oct-Dec quarter of 2020.
No wonder, a large number of developers are again betting big on this festive season. The assumption that sales will increase further during this season can be attributed to the fact that following the pandemic, people have begun to realize the value of owning a house. People are also seeking improvements in their current homes as a result of the recent work-from-home trend. Developers are also making lucrative offers to lure buyers.
“India’s residential real estate market is seeing a positive trend as the economy steadily recovers, as evidenced by global rating agencies and think-tanks revising India’s growth forecasts for 2021 and 2022. The rise in supply numbers in the first quarter reflects this positive shift, indicating that developers are more confident in liquidity support and consumer sentiment. On the demand side, metrics have generally remained steady, with the job market opening up again in different sectors, giving people the courage to take advantage of a housing market that is at its most affordable in years,” says Mani Rangarajan, Group COO, Housing.com, Makaan.com and Proptiger.com.
Raheja Developers has come up with their ‘Zabar-Dus 10/10’ offer. Under this, the developer is offering investors 10% rentals for 10 years. The investment starts from Rs 59 lakh. Another offer is Double Rental On Investment (DROI) in two properties — 9% rental for 3 years in Raheja Mall, Gurugram, and 9% rentals for 4 years in Ginger Hotel, Raheja Square, IMT Manesar. Both the properties are operational, and the rental from the brand would be given additional as per actual. Investment under DROI starts at Rs 36.13 lakh.
“There is a change in mindset and people want to buy or invest in property for creating rental income etc more than ever before. Earlier smaller ticket size was rarely available. So, the fractional investment option in Commercial Real Estate (CRE) has come as a welcome relief for small ticket size investors, and it is the best way to attain financial security in the current pandemic period. After a challenging time, everything has started falling in place for the real estate sector and people are now interested to invest in real estate assets. Prices are competitive, and even interest rates are low. The government is taking steps to bring in ease of buying and is infusing funds in the sector. The market sentiments are much better, as is evident from various market reports trickling in; the need is to have the right product that suits the buyers/investors’ requirements,” says Achal Raina, COO, Raheja Developers.
Spectrum Metro has also come up with their Navratra offer where the company is giving gift vouchers from Max worth Rs 25,000 on every investment below Rs 50 lakh, and Rs 40,000 Max vouchers on every investment above Rs 50 lakh. The offer is valid till April 30, 2021. “The market is coming back to normal, and people are increasingly investing in real estate assets. We are sure that this festival will help the sector reach pre-pandemic levels. The upcoming quarter is also looking good, with people realizing the importance of investing in real estate assets. The commercial segment will do especially well as it is the perfect investment tool that can provide extra income in the form of rentals and capital appreciation,” says Sagar Saxena, Project Head, Spectrum Metro.
Under Migsun Group’s Navratri offer, one can get 5 gm gold on booking a property with Migsun Home. During the festival, anyone can book a property by paying just Rs 21,000 in any of the projects by Migsun. The offers are valid till April 21, 2021.
Yash Miglani, MD of Migsun Group, says, “The challenging times are over for the real estate sector as people are going ahead with their purchases. Even the current upsurge in corona cases will not affect the market much as people and developers are ready to tackle it. The sector learnt the importance of technology adoption, and people have realized the importance of real estate in their lives. The festival season is going to be the point from where real estate is going to have a good recovery in the coming quarters.”
Like many other developers, the Gaurs Group has also come out with its ‘Shandaar April’ offer wherein it is offering a 30:70 payment plan and free registry in Gaur Siddhartham (2&3 BHK apartments in Siddhartha Vihar, Ghaziabad) and Gaur City (2&3 BHK apartments at Gaur Chowk, Greater Noida West). The investment at Gaur Siddhartham starts at Rs 35 lakh, while in Gaur City it is starting at Rs 41 lakh. The Group is also giving nine assured gifts on every booking, including a laptop, mobile phone, single door refrigerator, washing machine, microwave, video doorbell, HOB, chimney, and iron. Also, the buyer is eligible to win a free home, shop, office, or plot, on booking of any property with the Group. The winners will be chosen through a draw to be held on June 15, 2021. All the offers are valid till April 30.
Sarthak Gaur, Director, Gaurs Group, says, “Expectation from the festival season is high as people’s attitude towards real estate asset has changed. Even the fence-sitters have decided to go ahead with the property buying decision. Subdued prices and interest rates are helping the buyers to expedite the decision. Overall, there is an upsurge in demand across the country. Greater Noida West, Yamuna Expressway, Siddhartha Vihar are getting very good attention in Delhi NCR.”