In real estate, there has never been a better time than the current to buy a home. Property prices only go upwards ensuring higher return on investment, shares Gunjan Goel, Director, Goel Ganga Developers.
1. What is the general home-buying sentiment in your city?
Pune has been adjudged as the most liveable city in India and the last few months have seen exceptionally great sales across locations for Goel Ganga Projects. There is a huge inflow of new customers looking for properties along with those who have shown interest even about two years back. Buyers are finally making decisions to close the deals.
2. How have sales, new launches and property price movement been in the last three quarters?
Sales have been on a great momentum in the last two quarters, new launches overall have been a bit slow as developers are focusing more on selling out their existing inventories. Regarding purchases, there was a slight increase of nine percent during the third quarter as compared to the second quarter of 2018. This festive season we have seen a higher number of launches by other developers, too.
3. How have the city developers prepared for the festive quarter? What kinds of deals are floating in the market?
There have been good offers floating in the market by many developers, but overall since most of the stock is of current inventory with no substantial increase in price in the last two years, there has been a limitation on price reductions when it comes to offers. Apart from discounted property prices, various attractive home loan offers are also available at this time of the year. Primarily white goods on bookings are the biggest trend this season.
4. Do you think these deals will help lure buyers and augment sales?
The sentiment varies depending on the ticket size and product. At Goel Ganga, currently we have more premium housing projects ongoing, where customers do not necessarily rely on the festival period to book; hence we see consistent bookings all the year round. Having said that, the festivals, especially like Dussera, definitely give a positive push to customers to book.
5. Do you see a favourable price movement post the festive season?
As per industry reports, home sales in India’s nine major cities increased by 24 percent in the Jul-Sep quarter of the current financial year when compared to the same quarter the previous fiscal. So yes, with the new launches, developers are definitely looking forward to increase prices as they have been stagnant for more than two years now.
6. Is this festive season the best time for the investors to return to the market or should they wait further?
In real estate, there has never been a better time than the current to buy a home. Prices only go upwards increasing your return on investment. Customers are realising that too that the earlier belief of prices going down would never hold true for real estate. We have seen a lot of positive sentiment in customers’ minds post-RERA.
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?
Pune has always been more of a stable market with minor variations in pricing. Hence, the performance has been at a decent constant level. Certain areas have been performing better than the others. For us at Goel Ganga, our hottest selling locations have been Kharadi, Bibwewadi, Bavdhan, Baner, Dhanori followed by Undri.
8. Where are the maximum number of new launches happening in your city?
Kharadi, Baner, Bavdhan, Dhanori Mohammadwadi and Undri have seen a high number of launches recently. For commercial Viman Nagar- Airport Road and Bavdhan have seen new launches.
9. Do you see realty recovering fully by the end of this year? What will induce this growth?
Most definitely, with single projects selling out five-hundred plus units in a month’s time, we know that real estate is back in the game. Out of personal experience at Goel Ganga, we are happy with how sales are moving and have an extremely positive outlook as we gear up for three new launches in the coming quarter post-Diwali.
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.