Experts predict 25 per cent rise in sales compared to last year

Realty biz expects cracker of a Diwali

Experts predict 25 per cent rise in sales compared to last year

The real estate market is finally looking up. If developments in some projects are any indication, then this festive season might make up for all the losses the industry suffered in the last two years.
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Vineet Goyal, director of Kohinoor Group that launched Kohinoor Shangrila, a project comprising of 150 flats at Pimpri, said that they have sold over 98 flats in less than seven days.

"The response is phenomenal and a stark contrast to last festive season. Not only have we sold new properties, we have sold old properties too. . We have sold at least 85 flats across four projects that we launched last year in these last few days," said Goyal.

Builders say that the good news is that the fear of buying has disappeared and so builders are doing away with freebies and discounts.

"The response by the buyers has given me confidence that people would buy properties for what they are worth. It's not a desperate situation like last season. For example, we launched a project four days ago that has sold over 50 per cent of its flats without having to entice buyers," said Pritam Goyal, director, Pristine Group.

Experts predict a rise of at least 25 per cent in the real estate sector this festive season as compared to the last.

"The market conditions, buying trends so far and the projects coming up suggest that there would be at least a 25 per cent improvement in sales in the real estate sector this year compared to last. It is moving from a strictly buyer's market to a seller's market this year," said Mohammed Aslam, head, Jones Lang La Salle Meghraj, Pune.

Attractive offers
While most builders have done away with offers and are selling projects on merit alone, the season is likely to see some interesting offers.

For example, Amit Enterprises has a scheme on offer, where the developer offers to pay your loan's EMI until you move into your house.

"We are asking people to give us 15 per cent payment and take a home loan if they wish. In 24 months, we will complete our project and from the day of booking till possession, whatever interest or EMIs the bank charges will be paid by us. Moreover, if we exceed the time limit, we would continue to pay the EMI's till project completion," said Rahul Abhyankar, head of media and communications, Amit Enterprises.