Reports are surfacing that the real estate arena of NCR has been showing symptoms of booming after stagnant properties, inventory pile ups were filling the headlines for almost the past two years. Thanks to the ongoing festive season, that according to experts has ideally created the boom where both the ends – buyers and developers are being benefited.
Builders have opinioned that the sentiments of buyers have been slightly improved in the past two months. Builders have bolted to clear their backlogs in the festive season with freebies and offers. According to the statistics, there are almost 1.9 lakhs of unsold inventories in the NCR. These properties seem to breathe better as the buyers are showing interest in getting their properties.
In order to extend the buyers interest in the properties, builders are coming up with variety of discounts. In the ongoing festive season, various projects in NCR have been surfacing with offers like gold coins, holiday trips, laptops, cars and even negotiating the prices with customers. All these can be expected to be the factors of the boom.
Besides the exclusive offers in the festive season, developers will further unwrinkle the sales owing to the 50 bps repo rate cut by the Reserve Bank of India, which has facilitated for more home loans. Owing to this, CREDAI Vice President Amit Modi is expecting higher sales up to 25% in this festive season compared to the last year sales.
Many families wait for the festive season to arrive so that they can upgrade their homes or shift to new homes. Even investors are driven by the traditional sentiment, considering the perfect time for accumulating wealth, the Vice President added.
However, experts have cautioned that the freebies and offers should be closely studied before being put forward to the buyers. It should establish a true contribution to the overall value of the property and the deal for the buyers.