With the execution of RERA, developers have been focusing on completing the under construction projects. This has also brought back homebuyers confidence in the builders, shares Ravindra Pai, Managing Director, Century Real Estate.

1.      What is the general home-buying sentiment in your city?

Bangalore has witnessed a decline in unsold housing stock in the past few months. According to industry sources, in the last one year, Bangalore saw a 25 percent decline in unsold inventory on the back of better sales.

2. How have sales, new launches and property price movement been in the last three quarters?

According to industry reports, the sector witnessed fewer launches in the last three quarters. Most of the developers are looking at completing their existing projects. The industry has witnessed more than 20 percent on-year sales growth in the last quarter. The growth in demand is also due to the increase in the supply of affordable housing.

3.  How have the city developers prepared for the festive quarter? What kinds of deals are floating in the market?

The festive season is the time where everyone offers discounts across industries. Developers also expect more sales during the festive season. They offer discounts and rewards which attract buyers. Discounts and offers such as foreign trips, free interiors, gold coins, free car parks and automobiles as freebies and gifts are some of the deals which real estate players are offering to buyers at present.     

4.   Do you think these deals will help lure buyers and augment sales?

Home buyers look at the festive season as it is an opportunity for investment and most of the developers offer discounts which may be beneficial for them. This also helps homebuyers save lakhs of money on a home purchase.  

5.  Is this festive season the best time for the investors to return to the market or should they wait further?

It is a good time for investors as the prices cannot get lower than the offers during the festive season. There has been investment mainly in between Rs 50 lakh-60 lakh residential segment and will continue to attract investors.

6.  How has been the performance of your city’s realty landscape this year? Is it at par with the expectations? What are the areas high on buyers’ popularity charts so far this year?

With the execution of RERA, developers have been focusing on completing the under construction projects. This has also brought back homebuyers confidence in the builders. There have been very few launches in the city but am sure in the months to come we will see more new property launches in and around Bangalore. In terms of areas which are popular for buyers have been Nagavara, Horamavu and Hebbal in North Bangalore, Koramangala in the South.  

7.   Where is the maximum number of new launches happening in your city?

We can see more launches happening in North Bangalore with more and more expansion in residential, commercial, schools, malls, and hospitals being opened. 

8.   Do you see realty recovering fully by the end of this year? What will induce this growth?

The realty sector is presently looking up but will take time to recover fully. Hopefully, the New Year should see more sales and new launches.