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Celebrate Diwali with auspicious property purchases

First time home buyers are often clueless about the right time to buy property. While the real estate market is flexible and subject to changes depending on several factors such as increase in purchasing power, inflation, recession etc., experts at Favista suggest that generally, property purchases can be profitable during four stages of real estate development.
1. Launch
2. Completion of construction till stilt level
3. Just before possession is announced
4. Occupancy of ~20%

 

Generally, it is expensive to buy residential property where one can readily move in.  This was the scenario in purchase of ready residences in Hyderabad targeting the a clientele of an average company executive in Hyderabad, where appreciation of 2% to 3% was witnessed. In South Mumbai, a good region to live, the appreciation of property targeting similar clients was as high as 14%. In Gurgaon, as the demand for luxurious residences was high by investors and limited places which were readily available, prime locations like Golf Course Road, Golf Course Extension Road and Sohna Road also witnessed an appreciation.  In Kolkata, there was an appreciation ranging from 7% to 18% in prices for high end residential projects which were ready for use.

 

Times of festive season are different though. For during such times, developers are willing to spread joy, making Deepavali a truly happy affair. This year, in India, the time is ripe for property purchases due to the arrival of the ‘Diwali Bonanza’ as in some regions, there has been no appreciation of ready residential properties in some prime locations of Ahmedabad including Satellite, Vastrapur, S.G. Highway and Prahlad Nagar as well as in Bangalore. An exception in Bangalore is witnessed only in central areas of the city.

 

Considering that real estate market in Mumbai witnessed considerable appreciation, this Diwali welcomes a number of launches as well as festive offers. Some very prominent projects which have been recently launched include Sunteck Realty’s Sunteck City and Omkar Alta Monte.

Omkar Alta Monte, Malad, Mumbai

Industry expert, Paras, Gundecha who is also the President of  Maharashtra Chamber of Housing Industry’s Confederation of Real Estate Developers’ Associations of India (MCHI-CREDAI) has asserted that individual developers are putting their best foot forward and offering their best prices for investors and home seekers. Some lucrative offers include a flat discounts ranging from INR200 per sq.ft. to INR2000 per sq. ft. for spot bookings. This has been reported in DNA’s Mumbai edition.  In Gurgaon, Mapkso is also offering a discount of INR200 per sq. ft. for its project called Mount Ville.

 

Likewise, as per an article published in Indian Express recently, Dr D K Abhyankar, Director General of CREDAI, Pune-Metro firmly believes that due to reduction in home loan interests, investors and home buyers have benefited. With the festive season there is anticipation of improvement in the real estate market.

 

In Chennai, interestingly, although sales inquiry appears to be sluggish, ready property is favoured by home buyers and investors instead of those which are under construction. These are bound to increase in this festive season.

 

Data pertaining to real estate status in different cities is based on a report which is credited to Cushman and Wakefield.

This entry was posted in Gurgaon, Investment, Mumbai, Newsletter. Bookmark the permalink.

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