The 2019 festive season just concluded with many Indians cashing-in to buy homes during a period which is both auspicious and invariably also sweetened with offers from developers. Since the festive season is considered very auspicious for the purchase of property, close to 30-40 per cent of yearly sales are generated during this short period itself. Hit by the prolonged slowdown in the real estate market, property developers betted big on this festive season for the revival of their fortunes. However, developers who are selling the right product at the right price are garnering good moolah. These developers have become aware that buyers are now looking for either RERA-compliant good quality projects from reputed developers or projects that are ready to move in.
Anuj Puri, Chairman at ANAROCK Group said, “Good projects, good developers and right prices are factors that will ensure sales in attractive locations. With returning demand, we can expect the natural laws of the market to manifest and prices to begin firming up in the good projects. The festive season of 2019 also coincided with various government incentives to ensure improved demand over the same period last year.”
Highlighting the buyer sentiments Bhasker Jain, Head of Sales, Marketing & CRM at The Wadhwa Group said, “Every year real estate sector witnesses positive sentiments flowing in the market during these auspicious times. Residential real estate is seeing some revival in buyer’s sentiment. We have witnessed a significant surge in sales across our projects which reinforce our belief that reputed companies holding an excellent track record have been bucking the trend and performing well.” Positive consumer sentiment, backed by various reformatory changes, is helping the market stay afloat.
Elaborating upon the purchasing power capacity of the home buyers for the last few years Rakesh Yadav, CMD at Antriksh India group said, “There is buyer in the market, but the inventories available in the market is in an overbought condition. Due to this, buyers are unable to pay that hefty amount which the developers are raising. In fact, those developers, who had a sense of that have generated good sales volume by decreasing the price of their inventories. Apart from that, homebuyers have become alert and they want 100 per cent hassle-free home means from RERA approval to all other regulations that a builder must get while going for construction. So, developers of good repute are still raking good moolah even when the real estate sector is going through testing times.”