Where is the house­proud con­sumer in­vest­ing this Di­wali?

Will this Di­wali mark re­turn of the slow yet steady In­dian home­buyer thanks to great pol­icy?

Hindustan Times (Chandigarh) - Estates - - FRONT PAGE - Nam­rata Kohli let­ters@hin­dus­tan­times.com n

While dis­creet home buy­ing for self-use in ready-to-move-in or near-com­ple­tion projects is one sig­nif­i­cant trend, ma­jor­ity of the peo­ple are putting the big bucks in home ren­o­va­tion or up­grad­ing ex­ist­ing spa­ces.

In many ways Diw ali this year marks the slow but steady re­turn of the ac­tual home­buyer. With what the de­vel­op­ers terms as the “triple tsunamis of the In­dian real es­tate in­dus­try of de­mon­e­ti­za­tion, RERA and GST”, there had been a slow­down in the in­dus­try and buyer sen­ti­ment was af­fected. The par­a­digm changed, and it took time for ev­ery stake holder in real es­tate, from de­vel­op­ers to home buy­ers, to get clar­ity on the new reg­u­la­tory regime. Ac­cord­ing to Dr. Ni­ran­jan Hi­ranan­dani, Na­tional Pres­i­dent, Na­tional Real Es­tate De­vel­op­ment Coun­cil (NAREDCO) - “As the pos­i­tive as­pects of RERA come across­the mar­ket with in­crease in trans­parency in the trans­ac­tion and ac­count­abil­ity from the real es­tate de­vel­op­ers, the buyer is re­turn­ing to the prop­erty mar­ket. The fes­tive sea­son which reaches its high-point in Di­wali, is marked by pos­i­tive sen­ti­ment driven prop­erty sales – and this year is no dif­fer­ent.”

Add to that lu­cra­tive deals of­fered by de­vel­op­ers that help con­vert many fence sit­ters to home­buyer. Ac­cord­ing to Samir Ja­suja, founder and CEO at PropE­quity, “End user driven de­mand nor­mally in­creases dur­ing Di­wali as big pur­chase de­ci­sions are made around this time of the year and de­vel­op­ers pro­vide the nec­es­sary trig­ger with schemes in the form of dis­counts in all-in­clu­sive price, GST re­duc­tion, free reg­is­tra­tion, free car park­ing, club house mem­ber­ship, in­ter­est free sub­ven­tion plans which helps in boost­ing sales.”

The ques­tion is will Di­wali bring cheer back to the prop­erty mar­ket. Ac­cord­ing to re­search by PropE­quity, the mar­kets should wit­ness grad­ual in­crease in sales as the mar­kets have changed in the favour of buy­ers and now there is sub­stan­tial amount of ready and near com­ple­tion stock avail­able in the pri­mary mar­ket. Hence, home­buy­ers now have plenty of risk free ready to move in prop­er­ties at lu­cra­tive prices.

Who will drive the mar­ket? Ja­suja says that in­vestors are in­ac­tive right now and bulk of the de­mand in com­ing quar­ters is ex­pected to come from end users only. And they are prima- rily in­ter­ested in ready-to­move-in and near­ing com­ple­tion prop­er­ties as risk of de­lays is not there and the prices are also at­trac­tive. Dur­ing the fes­tive sea­son, while some In­dian home­buy­ers are buy­ing dis­creet ly, many oth­ers are seen up­grad­ing and ren­o­vat­ing ex­ist­ing homes. The big bucks are be­ing spent on get­ting re­pair, ren­o­va­tion, white­wash­ing and upgradation of ex­ist­ing spa­ces.

What is trend­ing in home ren­o­va­tions this Di­wali? Ac­cord­ing to Aseem Vadehra, Direc­tor, Vadehra Builders, “In ren­o­va­tion work for homes, peo­ple are look­ing at re­plac­ing old stone work with cleaner lines and big­ger slab sizes. In some cases, stone floor­ings in bed­rooms are be­ing re­placed with wooden floor­ing for warmth and tone. There is a surge in re­plac­ing old doors and win­dows with tech­ni­cally ad­vanced and ther­mally in­su­lated prod­ucts to make for more sus­tain­able and en­vi­ron­ment friendly homes. Homemak­ers are also look­ing at re­plac­ing old wardrobes and kitchens with more mod­ern coun­ter­parts that have a deep em­pha­sis on func­tion­al­ity and us­age.”

What style of in­te­rior is hot this sea­son? “Vin­tage deca­dence” says Ms Handa - founder and cre­ative Head - Sarita Handa com­pany. The decor trends though con­tem­po­rary are rooted in tra­di­tional tex­tiles and tech­niques es­pe­cially for Di­wali. “From tra­di­tional flo­ral mo­tifs to time tested needle­work in con­tem­po­rary colour pal­ette, this trend is find­ing its voice in most of the homes.”

Handa shares a few tips to give a fresh look to one’s home. She ad­vises to use vi­brant hues with throw pil­lows and bed­ding as a way to brighten-up the fo­cal point of your home. Dec­o­rate that part of the house that is most vis­i­ble.

Art is an­other way to add char­ac­ter to one’s home. In­dulge in art as new paint­ings and art­works are a great way to en­ter the space be it in the foyer, liv­ing room or the be­d­room. Fi­nally, bring the out­doors in. There is noth­ing more in­trigu­ing than bring­ing the el­e­ments of na­ture in the house! In­dulge in decor and soft fur­nish­ings in­spired by flora and fauna.

“Change the land­scape of your ter­race or liv­ing room greens to ac­com­mo­date new plants, gar­den fur­ni­ture and soft fur­nish­ings in­spired by sa­faris and ex­otic flow­ers”.

One of the most sought-af­ter trends this fes­tive sea­son is wall­pa­pers which is the eas­i­est way to bring new­ness and fresh per­spec­tive to the spa­ces. Ac­cord­ing to Vadehra, “I see a lot of wall­pa­per trends to bring life to any room, with a more than ever em­pha­sis on art, lights, chan­de­liers, dec­o­ra­tive ob­jects, and fur­ni­ture. It is no longer just about hav­ing a fancy house with beau­ti­ful in­te­ri­ors - it is equally if not more im­por­tant to fur­nish it with the in­tel­lec­tual and aes­thetic ap­peal that art and cul­ture bring to de­sign.”

The de­sign aes­thetic rul­ing the world of home in­te­ri­ors is a mod­ern In­dian theme. Adds Vadehra- “As we travel the world and are ex­posed to dif­fer­ent cul­tures and so­ci­eties, we are learn­ing to ap­pre­ci­ate our own cul­ture in a new light that val­ues tra­di­tion while integrating it seam­lessly into our con­tem­po­rary life­styles which trans­lates not just in ac­tions but in our homes as well.”

MINT/FILE

Dur­ing the fes­tive sea­son, some In­dian home­buy­ers are buy­ing dis­cretely.

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