Festivities will buoy realty market: Survey

Festivities will buoy realty market: Survey

According to the survey, 76% builders and 72% brokers said that people time property buying decisions with the festive season.

Therefore, developers plan to use this time of the year to their advantage as they are aware that most buyers are keen to make real estate investments during these auspicious days.  It is during Navratras and Diwali that the industry witnesses the maximum number of token payments or bookings done in the sector.

The survey also revealed that 46% of brokers in Mumbai expect demand for new property to go up during the festive season and 12% said that there will be activity in the re-sale segment. At least 71% builders in the Delhi and NCR region are hopeful that new projects will be more in demand during the season.

Therefore, with more avenues in the offing including budget homes in the satellite cites, the festive season hopes to bring in optimism for realtors. Commenting on the trend, Vineet Singh, Business Head, 99acres.com said, “The festive season is an auspicious period for consumers and we have always seen a lot of deals come through, beginning October.

“The market is looking upbeat as compared to last year as there was a lot of insecurity vis-à-vis jobs and we did not see too much investment in the real estate sector, but we are hopeful that we shall see a lot of activity this year. ”

When questioned about the prime motive for property purchase post recession, 60% brokers from Delhi responded that it would be for investment purposes and 40% said it would be for self-occupation. A similar sentiment was echoed among the Mumbai brokers as well, where 66% said that buyers buy property for investment and 34% buy for residence.

As many as 59% of brokers and 57% of builders in Delhi said that buyers prefer ready-to-move-in property vis-à-vis under-construction or resale properties, while Mumbai consumers did not show any such priority.