Festive musings
Editor | October 26, 2016 @ 12:01 PM
Will Diwali this year prove to be a revival of sorts for the realty market? We tell you why the festival of lights is an apt time to dive into the real estate space.
Mumbai's property market seems to break the jinx this festive season with new launches, offers, innovative marketing formats and even a marginal price correction. In this endeavour to bounce back, buyers are smiling all their way to property searches and in the process, the city's property market is defying the collective consciousness of being an volatile realty market.
Sector experts believe that the upward trend during the ongoing festive season, after a long spell of a slowdown due to a lack of approvals, high interest rate, price escalation and the general downward spiral in consumer demand, may be the beginning of a revival in both, fortunes as well as developers' overall outlook. Diwali, this time, is going to make it count for both, the builders as well as home-buyers.
The demand-supply balance:
Some sector analysts are bullish that if the project is well-positioned and the credibility of the developer is good, there always will be good demand. The exact volume of sales can only be calculated once the festivals are over and the property transaction figures are out in the public domain but what can be vouchsafed at this point of time is the fact that the home-buyers have enough reason to celebrate Diwali this year with the spirit of buying in an equal opportunity market.
Optimistic home-Buyers:
Nikhil Advani, a home-buyer, maintains that Mumbai's property market is so poised at this point of time that everyone has a reason to smile. "I am aware of the fact that property prices are expected to appreciate by the next year when the macroeconomic outlook is more stable. The marginal price rise in some of the micro-markets (especially with the ready-to-move-in and near-completion properties) on the eve of the festivals has been a catalyst, thus triggering the decision to invest in the property market," says Advani.
Sunita Swamy, an interior designer, claims that she has got many clients who have precooked her services in Mumbai as they are planning to buy their homes on the day of Dhanteras. "This festive season, the inclination towards booking a flat is high, as the price point is well-balanced and there is a plethora of choices in the market."
Developers speak...
While a select few developers have straightaway cut down on the prices to attract buyers, others are offering free stamp duty and some are even doling out silver coin scars. Those with proven timely execution capabilities are experimenting with the 20:80 scheme to beat the slowdown and invoke confidence in the psyche of the buyer. Hiral Sheth, director marketing and sales, Sheth Creators believes that the overall eco-system of the real estate sector is better during Diwali this year. "The Indian sentiment has always been linked with positivity when it comes to investing in real estate during festivities. A lot of consumers wait until this period to buy their dream property as a lot of developers also provide a variety of offers to the buyers. Hence, Mumbai's real estate market is expected to be a game-changer this year on Diwali."
Echoing similar sentiments, Devang Trivedi, managing director, Progressive Group feels that Diwali has brought the much-needed relief to Mumbai's real estate market. "Those who were facing an inventory overhang can sell off their existing properties while others can now make the best of the new launches. Diwali this year would definitely make a statement and a loud one at that after all, Mumbai's property market is indeed one of the most sought-after ones."
Festive cheer:
Just when it seemed that the festive spirit no longer worked for the discerning home-buyers who were well-exposed to the ground realities of the property market in the city, the festivals of this year demolished this perception instantly. More importantly, unlike the last few years of festive optimism, these enquiries this year are translating into actual bookings in its real sense. So what are you waiting for?
Let there be realty fireworks!
Ravi Sinha, Times Property, The Times of India, Mumbai