This festive season is expected to bring in the much-needed positivity and vibrancy in the real estate sector.
By Manju Yagnik
Dussehra is considered to be the most auspicious occasion to purchase a home. During this time, home buyers as well as developers are looking forward to make the most out of this festive spirit. Such occasion has 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. The realty sector too receives its boost during the auspicious period. Most of the inventory with the developer gets sold during such festive time. Buying a house is an once-in-a-lifetime investment in most cases. Therefore, it is preferred to be bought during such festive occasions. To make the most of the purchase on Dussehra, slightly lower than usual rates encourage buyers to invest in the sector. Such period works as a powerful magnet to get the home buyers in the market. This season is expected to bring in the much-needed positivity and vibrancy in the real estate sector.
Keeping the current scenario in mind, with demonetization, RERA and GST it is now the right time to invest in real estate as the sector is organized like never before. With a dip in the last couple of years and a high unsold inventory, it is a good option for buyers to invest in a ready-to-move flat, rather than wait for a new project to come up over a period of time. As RERA promises on timely delivery, transparency of the project and accountability, the sector is already witnessing a lot of positivity. All the project-related information will be available for public knowledge, right from the current phase of the project, to the permissions acquired or pending by the developer etc. RERA has changed the sector in 360 degree, as this act gives consumers a sense of security who invest their hard earned money into real estate.
The eco system of property market in Indian real estate is much better now as the economy is showing sign of improvement with stringent act that is thus leading to higher buyer’s sentiments. From the inventory standpoint, developers are sitting over quality inventory which will make the wishes of home buyers for a ready-to-move in flats come true.
This festive season holds a great significance in India and contributes in a big way to the market. Buying a house is an emotional decision and people prefer to wait for an auspicious occasion for a new beginning. Mumbai especially cannot be compared with any other city in terms of the property market due to its ever increasing demand for housing. The festive season will see a brighter side in the property market as prices have also been steady since quite some time, giving buyers a good time period to plan their investments. Today’s market is very much stable for buyers, options are available, making it a good time to invest in a house.
(The author is Vice-Chairperson of the Nahar Group)