The festive season coincides with the return of a positive outlook for realty sector and Ganpati festival gives it a boost.
Festival season this year is different for the real estate sector as developers are betting on the renewed market sentiment coupled with tradition to see their sales counters abuzz with activity. The positivity has already begun with Ganesh Chaturthi and hopes are held for the upcoming festivities to last until Diwali.
“The festive season is considered a peak time by developers, since 25-35 percent of their annual sales happen in this relatively short period,” avers Jatin Patel, marketing manager of a real estate firm. As always, developers have lined up various offers to sweeten the deal for buyers. “Serious inquiries and sales have already increased by 15 percent at the beginning of this festive season. Also, it seems the additional sales momentum will be maintained at a steady 20-22 percent even after the festive season is over,” says Pradeep Singh, a local real estate developer.
The market has witnessed sales to the extent that developers expect that if one goes by the trends during Ganesh Chaturthi, this year will end on a good note. “There has been significant response and bookings at this Ganpati festival. Even investors are seen making use of freebies, discounts and making investments wisely,” says Parag Tyagi, a property consultant.
However, buyers are playing smart and scanning the market for the best of deals. “If the offer translates into savings on the bottom line, such as hard discount, free parking space that we would otherwise have had to pay for or waived stamp duty and registration charges, we intend to definitely consider it as long as the property itself meets our real needs and measures up on key investment parameters,” says Nishit Mehta, a hotelier who intends to invest in real estate soon.