Gudhi Padwa is here. Since it's traditionally considered to be an auspicious time for home-buying, developers are looking forward to a bright month ahead. And, there's certainly been a revival in the fortunes of the real estate industry by the looks of it. The four new projects launched by HDIL, Nirmal Lifestyle, Everest Developers and Dosti Group in the past 14 days have seen a healthy number of bookings.
Says Mukesh Patel, knowledge worker, Neelkanth Group, "The market has seen some good movement, especially in the suburbs. Almost 80-100 families visited our sites in the past ten days. This is a significant increase from the last two months." With these developers selling around 600 flats between them, other builders too are looking to cash in on this auspicious period.
An upward trend
After a lacklustre 2008, when the inquiries-bookings ratios had hit new lows, builders are hoping that this New Year will generate good business. "Though the bookings and site visits/inquiries ratio was really low, things have improved since January and this Gudhi Padwa period is particularly good," says Patel. The response has been good in Thane, Navi Mumbai, as well as parts of South Mumbai. Suresh Haware, MD, Haware Group, says, "We received around 3,000 inquiries in the past 15 days, which is a fabulous number. And we're expecting to sell around 300 flats/shops in this month."
New Year, new hope
According to most builders, the overall mood of home-buyers is upbeat. "There's almost 50 per cent increase in business. Many home-buyers want to move into a new home on Gudhi Padwa and so ready for possession flats are greatly in demand. We are hoping to sell around 50-100 flats in this week," says Sanjay Agarwal, director, Regency Group.
Combination of factors
Gudhi Padwa is traditionally considered to be an auspicious period for home-buying. However, there are other factors that have contributed to this positive trend. Price reduction tops the chart. "Prices have reduced by 20-25 per cent almost all over Mumbai. And they aren't going to come down further. Now, home-buyers are letting go of their wait-and-watch policy and looking at finalising deals. We are dealing in a stable market," says Haware.
Home loan rates have also come down to eight per cent, which is added good news for home-buyers. The buyers and investors are also rejoicing for the happy incidence of Gudhi Padwa coming in March instead of in April. "People looking at making capital gains at the year-end are investing in property now. It's a lucky co-incidence," says Ali Lokhandwala, director, Lokhandwala Builders.
And if this is not all, then some builders are also offering special schemes for Gudhi Padwa. RNA (NG) Group is offering a discount of Rs 100-200 per sq ft on their current rates at all their projects across Mumbai. This offer stands only for three days, ie March 27, 28 and 29.
A brighter future
While it remains to be seen if this golden period extends beyond Gudhi Padwa, builders are pretty optimistic. They have realised that buyers are looking for good-value-for-money homes and are coming up with suitable products. "I feel that rates will increase from now on as people have slowly started buying," says Agarwal. So, let's wish luck to all those home-buyers looking to find their dream home this Gudhi Padwa.