by Suman Gupta
The 2019 festive season just concluded with many Indians cashing-in to buy homes during a period which is both auspicious and invariably also sweetened with offers from developers. Since the festive season is considered very auspicious for the purchase of property, close to 30-40% of yearly sales are generated during this short period itself. Hit by the prolonged slowdown in the real estate market, property developers betted big on this festive season for the revival of their fortunes.
Anuj Puri, Chairman, ANAROCK Group states that, “Good projects, good developers and right prices are factors that will ensure sales in attractive locations. With returning demand, we can expect the natural laws of the market to manifest and prices to begin firming up in the good projects. The festive season of 2019 also coincided with various government incentives to ensure improved demand over the same period last year.”
Reputed Developers who are selling the right product at a right price point are garnering good sales. Buyers too are looking for either RERA-compliant good quality projects from reputed developers or projects that are ready to move in. According to major real estate players, there has been a sharp increase in enquiries over the past few weeks.
“The sentiment in Mumbai has definitely improved in the past few months. The number of enquiries and bookings has gone up in our projects, and we expect the market to remain positive in the upcoming quarters. We recently launched Runwal Pinnacle, our new project featuring Mulund’s tallest towers and sold almost 80% of our first phase within two months. This is affirmation of the fact that good projects by trusted developers are doing well,” says Subodh Runwal, Director, Runwal Group.