This festival season, the enthusiasm in the residential real estate sector is palpable. This optimism can be attributed to the recent recovery in residential real estate. According to the recent Proptiger.com report, India’ eight prime residential markets show a quarterly increase of 12% in the January-March quarter (Q1) of CY (calendar year) 2021 compared to Oct-Dec qtr of 2020.
Developers sold a total of 66,176 homes in the primary market in the January-March quarter of 2021, a time marked with several state governments announcing stamp duty and circle rate reductions to boost buyer sentiment and by effect housing sales.
The assumption that sales will increase during the festival season can be attributed to the fact that people have begun to realize the value of owning a house. People are also seeking improvements to their current homes as a result of the recent work-from-home trend. Developers are also making offers that will serve as a catalyst.
“India’s residential real estate market is also seeing a positive trend as the economy steadily recovers, as evidenced by global rating agencies and think-tanks revising India’s growth forecasts for 2021 and 2022. The rise in supply numbers in the first quarter reflects this positive shift, indicating that developers are more confident in liquidity support and consumer sentiment. On the demand side, metrics have generally remained steady, with the job market opening up again in different sectors, giving people the courage to take advantage of a housing market that is at its most affordable in years,” says Mani Rangarajan, Group COO, Housing.com, Makaan.com and Proptiger.com.
Gaurs Group has come with ‘Shandaar April’ offer where it is offering a 30:70 payment plan and free registry in Gaur Siddhartham (2 & 3BHK apartments in Siddhartha Vihar, Ghaziabad) and Gaur City (2 & 3 BHK apartments at Gaur Chowk, Greater Noida West). The investment at Gaur Siddhartham starts at Rs 35 lakh, while in Gaur City it is starting at Rs 41 lakh. The Group is also giving nine assured gifts On every booking, including laptop, mobile phone, single door refrigerator, washing machine, microwave, video doorbell, HOB, chimney, and iron. Also, the buyer is eligible to win a free home, shop, office, or plot, on booking any property with the Group. The winners will be chosen through a draw to held on June 15, 2021. All the offers are valid till April 30.
Sarthak Gaur, Director, Gaurs Group, says “Expectation from the festival season is high as people’s attitude towards real estate asset has changed, even the fence-sitters have decided to go ahead with the property buying decision. Subdued prices and interest rates are helping the buyers to expedite the decision. Overall, there is an upsurge in demand across the country. Greater Noida West, Yamuna Expressway, Siddhartha Vihar are getting maximum attention in Delhi NCR.”
Raheja Developers has come up with a “Zabar-Dus 10/10” offer. Under this, the developer is offering investors 10% rentals for 10 years. The investment starts from Rs 59 lakh. Another revolutionary offer is Double Rental On Investment (DROI) in two properties – 9% rental for 3 years in Raheja Mall, Gurugram, and 9% rentals for 4 years in Ginger Hotel, Raheja Square, IMT Manesar. Both the properties are operational, and the rental from the brand would be given additional as per actual; Investment under D.R.O.I starts at Rs 36.13 Lakhs.
“There is a mindset change and people want to buy or invest in property for creating rental income etc more than ever before. Earlier smaller ticket size was rarely available so the fractional investment option in CRE has come as a welcome relief for small ticket size investors, and it is the best way to attain financial security in the current pandemic period. After a challenging time, everything has started falling in place for the real estate sector and people interested to invest in real estate assets. The prices are competitive, and even interest rates are low, and the government is taking steps to bring in ease of buying and infusing funds in the sector. The market sentiments are much better, as is evident from various market reports trickling in; the need is to have the right product that suits the buyers/investors’ requirements,” says Achal Raina, COO, Raheja Developers.
Spectrum Metro has come up with a Navratra offer where the company is giving gift vouchers from Max worth Rs 25,000 on every investment below Rs 50 lakh, and Rs 40,000 Max voucher on every investment above Rs 50 lakh. The offer is valid till April 30, 2021. “The market is coming back to normal, and people are increasingly investing in real estate assets. We are sure that this festival will help the sector reach pre-pandemic levels. The upcoming quarter is also looking good, with people realizing the importance of investing in real estate assets. The commercial segment will do especially well as it is the perfect investment tool that can provide extra income in the form of rentals and capital appreciation.” says Sagar Saxena, Project Head, Spectrum Metro.
Migsun Group has come up with a Navratri offer of getting a 5 gm gold on booking a property with Migsun Home. During the festival, anyone can book a property by paying just Rs 21,000 in any of the projects by Migsun. The offers are valid till April 21, 2021.
MD of Migsun Group, Yash Miglani, said “The challenging times are over for the real estate sector as people are going ahead with their real estate purchases. Even the current upsurge in corona cases will not affect the market much as people and the developers are ready to tackle it. The sector learnt the importance of technology adoption, and people realized the importance of real estate in their lives. The festival season is going to be the point from where real estate is going to have a marvellous recovery in the coming quarter.”
Sikka Group is offering a Gold Coin on every booking in any of its projects. Taking about the market situation, Harvinder Singh Sikka, MD, Sikka Group, said, “The sector is reaping rewards of people’s renewed interest in real estate. Sales across all segments have increased, and the upcoming quarter looks good.”