Real estate expects boon in business ahead of festivals

Real estate dealers are banking on festive season for a surge in property market. Property purchases are expected to rise during Ganesh Chaturthi and Navratri as the period is considered auspicious for locking new deals.

Property sales are likely to jump by 10-15 per cent this season as compared to last year due to prospects of better crop production on bountiful rains and conducive weather, according to industry experts.

Arun Jain, executive committee member, Confederation of Real Estate Developers Association of India (CREDAI) said, “Lot of enquiries are pouring in and we have fetched some bookings also. Most of the sales for residential properties are done. Prospects of higher crop production will boost buying capacity.”
However, major investments and deals are unlikely in the current market scenario because of higher property prices and liquidity crunch, according to industry experts.

Property prices are unlikely to drop from the current levels despite huge unsold properties due to squeezing margins and anticipation of demand from upcoming companies.
A spike in demand is likely to boost the sentiment for real estate that is going through a rough phase due to high property prices and abundant unsold inventories. Several luxurious residential townships have popped up on the outskirts anticipating demand with the coming of corporates and multinational companies in city. Rajendra Chauhan, a leading property broker of the city said, “Traditional buying happens during festival season as these days are considered auspicious. People hold back planned purchases to strike the deal in the auspicious period.”
Property dealers said September to November is the peak period for sales and purchase of properties.
Source: TOI

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