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Home bookings pick up ahead of festive season
City-based developers are expecting robust demand from homebuyers in the upcoming festive season, after a tepid April-Sept period of 2024. This season is also crucial for the real estate sector as it makes up a significant portion of their annual sales.
"We are seeing a sharp rise in inquiries, visits to sites, and pre-bookings. It is not only new projects that people are interested in, but also resale properties especially in the 2BHK and 1BHK segments," Sharad Kulkarni, a real estate broker, said.
Property consultant Anarock said the upcoming festive quarter (Oct-Dec) will most likely see more sales than the third quarter of 2024 calendar year.
However, the sales may see some momentum also if the overall conditions are lucrative such as the RBI's rate cut in its next monetary policy – it is expected given that inflation is currently under control. This will boost homebuyer sentiments," said, Santhosh Kumar, vice chairman of Anarock Group.
Developers often capitalise on the festive spirit by offering special deals and discounts, such as price reductions, freebies, or flexible payment plans, to attract buyers.
"We were told that we would get a flexible payment option if we paid the token amount in the first week of Sept. There are so many new projects springing up in Baner, Hinjewadi and Wakad that we are spoilt for choice," Hitesh Mehra, a resident of Pashan, said.
Sachin Bhandari, executive director and CEO, VTP Realty, said demand for luxury or spacious homes is on the higher side. "We have recently launched two luxury projects in Hinjewadi phase 1 and seen a huge success in terms of bookings. We will roll out luxury projects in Kharadi and Baner in a month's time. We will also launch a 150-acre township project in Khadakwasla."
"We are expecting that the demand will increase between 18% and 20% over the previous year. We have seen that there is a greater inclination of buyers towards new projects instead of resale ones," said Saurabh Garg, co-founder and chief business officer, NoBroker.
Real-estate developer K Raheja Corp Homes has seen strong demand for luxury properties in the Rs 4 crore plus segment, especially for spacious 3BHK and 4BHK units in prime locations that offer lifestyle amenities and exclusivity.
"Pre-festive periods tend to bring high walk-in volumes as customers look forward to experiencing the product firsthand. Additionally, customers often seek festive offers and on-the-spot benefits, making this time of year an important moment for both developers and buyers," said Ashish Dhami, chief of sales, marketing and product design, K Raheja Corp Homes.
Ranjit Naiknavare, president, Credai Pune Metro, said they are seeing a mixed demand of luxury and mid-segment housing. "The overall demand has gone up multi-fold as Pune is the leader in affordable housing and has become the preferred city to live in."
Source: The Times of India