With the introduction of HIRA, the buyers have become more confident regarding their choice of property. The things post the introduction are much more transparent and foolproof, shares Abhishek Bhardwaj, Chief Marketing Officer, Bengal Shristi Infrastructure Development Limited.
Majority of the homebuyers these days are holding back their decision of buying a property, the primary reason being their concern with regards to the introduction of GST and its implications. Though there are projects launched by various real estate developers offering a plethora of schemes and facilities, the movement still seems to be slow. There are also instances where the homebuyers have considered the prices of the properties to be skyscraping.
2. How have the sales, new launches and property price movement been in the last three quarters?
The first two quarters were a little sluggish but with the festive season, the sales have shown an upward trend. We feel that the third and fourth quarter will be reasonably good.
3. How have the city developers prepared for the festive quarter? What kinds of deals are floating in the market?
With the young buyers in the fray, the festive season is no longer considered a mandatory season for buying real estate properties. However, it has given a thrust to the sales. There are many offers floating in the market on the booking of apartments. These include but is not limited to the Gold coin offer and the free gift vouchers. However, the young homebuyers are looking more into the amenities offered by the developers and the pricing of the property. This is primarily the reason they invest as per their convenience. Instead of this, the developers are still floating attractive schemes to lure the prospective customers.
4. Do you think these deals will help to lure the buyers and augment sales?
Traditionally, the festive season happened to be an auspicious time for buying properties. Keeping this in mind, the developers have always come up with offers that are financially beneficial for the customers. A decent percentage of discount on prices have managed successfully to attract the customers during this time. Affordable pricing along with the benefits offered is what some of the customers still look forward to. However, with the change in the buying pattern, these deals do not guarantee sales.
5. Do you see a positive price movement post the festive season?
It should be positive. We are optimistic.
6. Is this festive season the best time for the investors to return to the market or should they wait further?
As a timeless tradition, the festive season is considered to be an auspicious time for the homebuyers. It is the time of the year when people in abounding numbers would prefer to make investments into the realty market.
7. Do you see realty recovering fully by the end of this year? What will induce this growth?
With the introduction of HIRA, the buyers have become more confident regarding their choice of property. The things post the introduction are much more transparent and foolproof. Ready to move in units are already in demand. There is an increase in the number of young homebuyers. The areas such as Rajarhat, along with neighboring cities like Asansol, Durgapur, Krishnagar are emerging as the preferred choice amongst the homebuyers and the market players are offering a variety of amenities and schemes to enthral the customers. Taking into consideration all these points, the realty sector should witness a significant growth in the days to come.
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