More enquiries, don't translate into registrations
More enquiries, don't translate into registrations
Though builders claim there are signs of a revival in the real estate market, the reality is actually bleaker thanks to the ongoing economic slowdown.
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The great fall: People are not investing in property at the moment because they expect the prices to fall further |
The only thing that appears to be going up are the number of enquires from curious buyers, who don't appear to be willing to buy just now.
According to statistics available from the Property Registrar Office, around 2,00,305 flats were registered between April 2007 and March 2008. However, the number of registrations have fallen to 1,86,879 in the same periodu00a0 the corresponding year (April 2008 to March 2009).
B H Bhurkude, joint registrar at the property registrar's office, said, "The realty market continues to be dull.
People don't seem to be buying houses anymore." Harish Shroff, in-charge of business development, NYATI Builders, said, "Though people are calling for enquires, actual sales aren't taking place. The few flats that are attracting prospective buyers are in the Rs 30 lakh bracket."
Saifee Danawala, owner of Tarmal Properties at NIBM, said, "The real estate market isn't picking up. People pay the token, and then cancel the booking, expecting the prices to fall further." However, Prakash Bhutani, secretary of the Estate Agents' Association of India (EAAP), has an altogether different take on the realty market. "Sales have begun picking up and enquiries have begun pouring. Actually, people have realised that prices will not fall any further."u00a0
Although, developers and real estate agents are trying to present a rosy picture, buyers are wary of buying properties at this point. "Kishore Nilangekar, a marketing professional, said, "Let the builders make wild claims, I will wait for some more time, as I feel the rates are bound to fall even further. I think it's a wait-and-watch situation. It is just not the right time to invest in real estate."
