This festive season to bring cheer to realtors
For the last 2 years, the festive season did not see a surge in demand in the residential real estate sector. However this year there is some cheer in this field and the property consultants are speculating that the property discounts will get real this festival season, after a gap of about two years.
Mobile phones have been flooded with messages on WhatsApp, offering discounts. Due to the surge in demands many brokers are cutting prices from 7 to 15 % across major cities. Delhi-NCR and Mumbai developers top the list in offering discounts.
Earlier, freebies like free vacations, motorbikes, a gold coin and a modular kitchen were being offered to lure the customers. Analysts and consultants expect the October to December period will witness sales of at least 60,000 units across seven major cities. This number is almost double of what was recorded in 2012 and 2013, when slowdown had hit the developers.
It is expected that a good festival season will contribute 30-40% to the total sales of the 200,000 units of estimated sales this year. In the past two years, the annual sales hovered between 120,000-140,000 units.
Ashutosh Limaye the head (research & real estate intelligence service) of JLL (Jones Lang LaSalle) India stated that this time, the festival season will see more activity and sales. The sentiments are positive and the enquiries have gone up substantially.
Source- Business Standard
