With an increase in sales expected during Akshaya Tritiya, developers in the city are hopeful of recovering from the slowdown that marked the first quarter of the new year. Realtors said the market, which has picked up pace in the past six months, is likely to improve further, especially with the Real Estate Regulation and Development Act in place. Manju Yagnik, vice-chairperson of Nahar Group, said that the scope for sale of ready-to-move-in flats was high and the group was hoping for the market to show a good response in the first quarter or until Diwali. “In the past six months, we have seen a favourable movement in the sector and there is a demand from buyers. Since Akshay Tritiya marks an auspicious beginning, people would like to move in on the day, so we are expecting a spike in sales of our ready-to-move-in flats.”
Dharmesh Jain, chairperson and managing director of Nirmal Lifestyle, said, “People opting for ready-to-move-in apartments can capitalise on the amenities without waiting and move into their house on this auspicious day. Considering many buyers come in the category of affordable housing and affordable luxury housing markets as it fits in their budgets, many developers are offering freebies and flexible payment options to customers which might boost the property sales.”
“With the Real Estate Regulatory Authority, buyers have more information available to them about projects than ever before. They can compare projects. There is also an increased sense of trust among buyers in the regulated atmosphere. These are expected to help buyers make an informed decision,” said Yagnik.
Ashok Mohnani, Chairperson of EKTA World and Vice President of National Real Estate Development Council (NAREDCO) West, gave similar views. “It’s a buyer’s market today and customers are inundated with offers and discounts. However it is important that the customer shows due diligence and research prior to buying property. Post the implementation of RERA and GST, there’s more transparency and it is much easier for a buyer to buy a home. The auspiciousness of the season adds flavour,” he said.
Since Akshay Tritiya is traditionally when buyers make investments and pay token amounts, Ekta World has offered prospective buyers a chance to pay only 5 percent of the cost while booking. The remaining 95 percent payment can be done on possession for Ekta Tripolis Goregaon. For women buyers, SAI estate consultants is offering an additional 5 percent discount on stamp duty across properties in Mumbai, Thane and Navi Mumbai.
Anuj Puri, Chairperson of ANAROCK Property Consultants, said that given the plethora of options, buyers have freebies and discounts on offer. “It is a fact that in the current market conditions, developers have been offering discounts and incentives throughout the year, there can be deeper discounts during such festivals. Developers will roll out a plethora of special offers, discounts, freebies and schemes to attract homebuyers during Akshay Tritiya. They will have to ensure that the special festive discounts they offer are indeed meaningful and not just superficial retail enticements since they know that the market currently has no shortage of options for serious buyers,” said Puri.
“Transparency and accountability on part of real estate developers have been the positive impact of the new regulatory regime, enhancing the trust factor for property buyers. This, coupled with the positive sentiment that the festival represents, should see many a ‘fence sitter’ turn into a ‘buyer’,” said Niranjan Hiranandani, National President, NAREDCO.