Festive seasons brings cheers to the realty market: NAREDCO

With a strong and determined government at the centre and a boost in the financial confidence of the Indian household, all seems to be in favour of the real estate sector.

Oct 20, 2016 10:10 IST India Infoline News Service

The vibrant festive season brings positive hopes to the real estate sector backed with a favourable environment. With a strong and determined government at the centre and a boost in the financial confidence of the Indian household, all seems to be in favour of the real estate sector.
 
“While the auspicious days are a constant on the calendar but the confidence which the realty market is witnessing this year in particular was previously missing. Owning a home has now become a priority of the Indian household and this festive season sets the perfect motivational mood. Alongside the festive season this duration is also important for the financial planning. It gives families a precise idea as to how much investment they need to make or not to make as they are through with the account closures and paying off the income taxes.” says Parveen Jain, NAREDCO President.
 
Developers in most cities have sensibly abstained from raising their property prices despite the soaring input costs. As a result, the festive season of 2016 presents home buyers a host of options that they can invest in.
 
“The realty market is quite luring due to a number of schemes, offers and up to 10 percent discount on booking which are common from builders and lenders to draw buyers. At the moment, developers are extremely proactive; and offering huge discounts which is the most important catalyst to entice both end-users and investors, “ says Parveen Jain, NAREDCO President.
 
“Furthermore other factors such as a cut in the Repo rate by 0.25 percent have led to the lowering of the home loan. This in turn will boost the buying of properties. Additionally, even the circle rate has gone down in Delhi NCR by 15 percent. So all such factors combined with low cost of EMI are playing a crucial role for the picked up sales in the realty sector this festive season. “added Jain.
 
Considering the different reading across cities overall the sales have already enhanced which will go up further by the end of the festive period. In some of the areas property rates have been lowered by 20 percent. In Gurgaon approximately 5000 homes and in Delhi NCR around 25000 homes are ready to be sold. The demand obviously is for the well located properties and the projects which are already completed and by good developers.

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