Deciphering indian Real-estate
would you buy a property this Diwali? Are festivities the best time to buy a home? Do you get real discounts? The Realty+ Show Episode 8 on Republic TV featured a high-octane debate highlighting festive offers and its impact on consumers and developers.
Festivals in India are all around the corner. Developers across the city are offering various schemes and offers to potential consumers. As debate moderator, amit b wadhwani rightly mentioned at the beginning of the show, real estate and festivals go hand in hand, so should consumers buy real estate during festivals?
dr. Batra clarified that there are different offers from developers during festivities, but there are conditions that apply with each offer and product. He ended his statement saying there are marginally better offers.
To the query about whether the prices go down during festivities, n. sridhar disagreed with the direct co-relation between real estate and festivals, but conveyed “The sensitivity and sentiment of the buyer propels the developer to use that time frame, and when there are many customers ready to buy, the auspicious days of Ganesh Chaturthi, Diwali or Dussehra adds value to it.”
Presenting the consumers’ dilemma on whether there are any real discounts during festivals, Pankaj Kapoor in consensus with sridhar clarified that it’s a psychological inertia and people want to buy a property when it’s auspicious. At this time, the housing finance companies come with the best deals, and discount offers from developers adds harmony to the psyche of the consumer.
sunil Mishra opined that the real estate industry is similar to other industries like FMCG, and telecom where in during the festive time, there are lots of offers coming from the product providers. In agreement with dr. Batra and shridhar, he added, “Festive times are a catalyst or a decision accelerator for people who are on the fence. But there are some real discounts on offer such as smart home solutions or a discount on parking.”
santosh nair explained, “Festivals play on the sentiment of consumers and it’s an auspicious period to buy a loan. However, there are offers throughout the year and during the festivities, some financers give discounts on processing fees which makes it conducive for the customer to take a loan.”
sanjay Gupta summed it up by saying, “At the end of the day, it’s the consumers who have to know the details of the offer and see through the hidden agenda.”
shridhar felt that when the pricing of the market is optimum, it’s a good time to buy. In the next 2-3 quarters where demand is picking up, there will be new buyers. Currently, real estate pricing is optimised and buyers will get good productswith good amenities. Giving his final thoughts, dr. Batra said that everyone has a dream to live in his own property and anytime is good to buy. As prices are marginally better, during this Diwali, the first time buyers in the market will undoubtedly kick up the demand. Mishra expressed, “As GDP and economy are increasing, Diwali being an auspicious moment, it’s a good time to buy.” nair happily concluded that it’s going to be Diwali for the entire year and RERA has given great confidence to see more end buyer coming into the market. shridhar said that in the next two quarters, it would give a great opportunity for people to buy and they should optimise it this Diwali.
wadhwani concluded the session on an optimistic note saying, “I believe real estate is to be bought with more of a scientific approach and a more artistic way of understanding the subject rather than just jumping on the bandwagon on a festival day.”
points to consider when buying properties on OFFER Per Square Feet Price Amenities Price Financing Scheme TYPES OF REAL ESTATE DISCOUNTS Amenities Smart home solutions Discounts on parking
AMIT B WADHWANI