Indian real estate industry that was hit during Shraadh awaits Diwali, to gear up the demand. Banks, at the other end, have also cut down their interest rates on home loans and real estate developers in India are hoping for a good time.
With a view to cash on the festive spirit, developers have also been coming up with attractive schemes to let people buy their properties. Besides, some have planned to launch their projects around Diwali days, to time their entry in the markets during this favorable part of the year.
Take Amarpali developers for instance. The company will be launching their township ‘Hi-Tech City’ in Jaipur and ‘Modern Township’ in Indore, this Diwali.
Delhi-based construction group BPTP has come up with a special offer for the potential buyers in Parkland Faridabad, in which one has to book during the festival period and their EMI’s will start after 2-years.
Triveni infrastructure Development Company Ltd has tied up with leading financial institutions, offering easy loans and flexible payment plans to the buyers. In fact, a real estate company in New Delhi has reportedly been offering Maruti SX4 to the clients who would purchase an apartment unit from them in a particular time period.
Anuj Shah, a Delhi based broker said, “the main attraction for most of the people is the easy home loans on offer and plus the fact that builders are willing to bargain prices, and offer relief in other fees, and charges, property sales can pick up in the Diwali period.”
Another Delhi broker, Deepak Jain, commented on the profile of the enquiries and said, “We have been receiving a number of enquiries from the segment of ‘working-class’ intending to reap the benefits of Diwali schemes”.
However, RK Aggarwal, a Real Estate agent, brought another side of the coin and informed, “Many people are apprehensive about the genuineness of some of these schemes. As investing in a flat is a big thing, the buyer wants to be very sure of the investment, and the credibility of the developer really matters.”
A rate cut of 0.50-1 per cent in home loans in India probably would drive people to consider property buying, he added.
Moreover, the Dussehra-Diwali season is considered an auspicious time to invest in a new house. The Indian property markets, meanwhile, are set to take on Diwali season, and only the time would tell who would benefit the most?developer or buyer.