#FestiveImpact: Kolkata’s realty market exhibits positive home buying sentiment

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The introduction of HIRA has successfully instilled confidence amongst the buyers with regards to the realty market. While the builders have streamlined their processes to be in sync with the statutory requirements, the buyers seem to be happy with the transparency in the system, shares Nakul Himatsingka, Managing Director, Ideal Group in an exclusive interaction with 99acres.

 Nakul1. What is the general home-buying sentiment in your city?

The equilibrium of the Market sentiment has been disturbed in the immediate past by Demonetization and the introduction of the new GST. It may have made certain sections of buyers slightly sceptical but end users seem to have opted for completed projects, perhaps to avail the exemption of GST. The sector seems to be readying itself for a Phoenix-like bounce back riding piggyback on the positive sentiment created by the transparent HIRA system

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

 The systems in the industry are adapting themselves to the newly introduced changes and as such both the developers as well as the buyers are coming to terms with the new environment. This temporary realignment has perhaps made the buyers slightly hesitant and inclined toward completed projects. But renewed demand has been witnessed across projects and locations.

3. How have the city developers prepared for the festive quarter?

The festive season almost resembles a blind spot with Durga Puja taking centre stage, quickly followed by Diwali and the associated celebrations. The media and the mind space is flooded with festive related messages and hogs the limelight. The visiting NRIs are approached and they also contribute significantly to the festive quarter sales.

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

Some sections of buyers are guided by sentiments and the presence of auspicious occasions that influence their buying decisions. Deals undoubtedly play their part in conversions but should be sparingly used to protect the brand value.

5. Do you see a positive price movement post the festive season?

As media would become relatively clutter-free the power of persuasive campaigns would create a favourable environment and influence the buyer sentiment & decision to generate a positive response. This would positively affect the availability situation which in turn would influence price movements positively.

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

As the Industry adapts itself to the changed environment and tailor makes its offerings to suit not only the revised rules and norms but the buyer requirements as well, the investors tend to gauge the renewed market interest and take decisions wisely. Initially, a positive reaction by the investors has been reported by established brands offering attractive deals. This has especially been the case of new launches.

7. 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?

The Kolkata realty market has always been influenced by the presence of a fairly large chunk of end users and as such brands that have offered unique and differentiated offerings have flourished. Availability of land is restricted to the outskirts of the city and as such these areas have witnessed new project launches. Areas like Sonarpur, Joka, Howrah, Rajarhat have witnessed buyer interest. Connectivity and drive time have influenced the buyer’s decision.

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

The developing areas of the city in its outskirts, offering a different lifestyle in the form of self-sufficient gated communities seem to have majorly appealed the buyers. Whether as the first home or a weekend getaway, Sonarpur, Joka, Howrah, and Rajarhat have emerged as the most appealing destinations amidst the buyers.

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

Differentiated and unique offerings in terms of design and facilities have always appealed the end buyer. The introduction of HIRA has successfully instilled confidence in the buyer with regards o the realty market. While the builders have streamlined their processes to be in sync with the statutory requirements of HIRA, the buyers seem to be happy with the transparency in the system. This positive sentiment is expected to bring success in terms of conversions and positive growth for the industry. 


Disclaimer: The views expressed above are for informational purposes only based on industry reports and related news stories. 99acres does not guarantee the accuracy, completeness, or reliability of the information and shall not be held responsible for any action taken based on the published information.


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