It's right time to buy, say realtors

Painting a rosy picture of the industry, despite lot of apprehension, the association claimed that the 130 association members have seen 60 per cent growth in sales on a quarter-to-quarter basis for quarters ended March 31, 2009 & June 30, 2009.

The association stressed that it is the right time to invest in residential property as the correction period in the market which had witnessed about 8-10 per cent correction is projected to end and hike in prices will be on the cards soon. If assement of the association is to be believed, this indeed seems to be the best time to invest in property.  The association claims that selling prices in Bangalore are at least 20 per cent cheaper than cities like Chennai and Hyderabad, despite construction costs in other cities amounting to at least 10 per cent cheaper than that of Bangalore.

Further, marking a fresh trend in the City market, houses bought for actual usage has gone up by about 35 per cent from 60 per cent earlier, Credai said, indicating that full-fledged revival is yet to flow into the market. “In the last few months people buying properties for investment has come down by a lot. Most of the stock was sold to buyers who were genuinely in need of a home,” Credai President Raj Menda said. He said there would just be about 2,500 flats to be bought in the coming six months, ruling out assumptions that there is a lot of inventory in the market. On the commercial front, he said based on feed back from the members there is demand for about 30,00,000 sq ft in the City and that 60 per cent of it comes from just 2 multinational companies. He said that the firms are in the process of identifying land for occupancy. Meanwhile, Credai accepted that the industry is not completely out of the woods as Tier I & II cities must wait for another two to three quarters to get back on the boom path. “First principal cities like Bangalore will witness positive trend, and only then can the other cities hope of revival,” Menda said. 

Realty Expo
Further, Credai announced that the Realty Expo 2009 is scheduled on 15-16 August, with  32 developers and three financial institutions participating.

It said that about 18,000 flats will be showcase, begining in the range of Rs 20-25 lakh and ruled out any packages for buyers.