Perhaps the greatest supporter of GDP, the real estate industry was reeling under the pressure due to pandemic is picking up pace with the relaxation in lockdown
As the year is in the last quarter which is likewise called festive quarter, the builders are expecting a jump in sales figure. The prospects were not able to reach a decision in the previous quarters due to lockdown are eager to conclude the deal in this auspicious season. The real estate players are prepared with lucrative offers to attract buyers, who see homes not only as an abode but also as a security-financial as well as health. Real estate honchos are closely observing the buyers’ sentiment.
“We foresee renewed interest in the upcoming festive season against the backdrop of the depreciating rupee, low-interest rates on home loans. All of these have improved the attractiveness of real estate as an investment asset class against other traditional alternatives. The festive season, coupled with a number of recent measures by the government, and offers from developers, hopefully will nudge investors to make their decision during this period,” said Karan Kumar, Chief Marketing Officer, DLF Ltd., while expressing his thoughts.
“This year, the desire to finalize a property seems to be more intense as buyers have realized the value of real estate assets and a need for extra space for office work. The sales have started picking up pace in Q3, and we have seen a trend of a surge in sales during the festive season, and likewise, we expect this year to witness an increase in demand. Factors including low-interest rates and attractive post-pandemic schemes & offers will further motivate buyers to purchase homes. We are launching attractive payment plans to suit the needs of consumers,” said Amarjit Bakshi, CMD, Central Park.
Another real estate giant of Gurugram, M3M Group also sees a revival in buyers’ sentiment. “As we have stepped into the festive season, consumer sentiment is strong and since we have offerings in all the spectrums – under construction – residential and commercial; delivered – residential and commercial; we are poised to meet the customer needs. M3M delivered 8 projects within a span of three months – July to September 2020 with a total of 30 lakh sq. ft. area and sales value worth 32,00 crores. We recorded 500 crores of sales in the first fortnight of having announced the ‘port your property’ campaign in October 2020,” said Pankaj Bansal, Director, M3M Group.
Builders focused on innovation and technology during the lockdown and worked to ensure ease in the process. They are using technology to bring homes to buyers.
“The festivals of Dhanteras and Diwali have been traditionally associated with achievement and prosperity in Indian society. We have an omni-channel approach where we are using both traditional and new-age mediums to put our vision across potential homebuyers. We also use a mix of all major social media platforms for lead generation, which have been giving us positive results. With travel taking a backseat due to covid-19, people are now more inclined to invest in their future than looking at experiences, hence the prospects of real estate are positive in this festive season,” said Ashish Sarin, CEO, AlphaCorp.
The Unlock phases and the subsequent restarting of economic activity have paved the way for the recovery of the industry. “We foresee the sales to peak in the festive season. It is an opportune time for real estate purchases due to favorable demand and supply-side dynamics, value-added deals, and government’s thrust to the sector in select cities and bright prospects of real estate investment against alternative asset classes,” said Ravish Kapoor, Managing Director, Elan Limited.
“We foresee robust sales in the festive season. Real estate has emerged as a relatively safe mode of investment, and interest rates on home loans are low. Also, the value-added offers by developers and banks will also attract consumers,” said Rahul Singla, Director, Mapsko Group, while expressing his opinion.
The revamped business activities, monetary easing by financial institutions in the last few months, subsequent upsurge of sentiments in home buying are some of the factors that are supporting the expectations of builders. At the same time, the concerns related to health have also made prospects to think about a serenely beautiful and secure place to live.