Realty sector begins to look up, ahead: boom by Diwali?

Published: August 6, 2009

New Delhi Bogged down by the economic slowdown, the real estate sector is going all out to woo would-be buyers. Builders and realtors from across the country, thus, went all out to promote their upcoming projects at the three-day Property Expo, which concluded at Pragati Maidan on Monday.

In an attempt to get some of their properties booked, they offered deals like free luxury cars and up to 8 per cent discount on the base price. And though many admitted the exhibition attracted fewer enquiries than it would have in previous years, most builders were said the situation is “starting to show improvement”.

Among the optimists are Harjinder Malhotra, managing director of Preet Developers, an established builder in Punjab, now eyeing the Delhi real estate market. Malhotra, who hopes to launch a new project within the next two months, said the slowdown led to a massive dip in property prices and thus made it the perfect time to invest in property.

“It was not as if all the money suddenly disappeared, at least not in India,” he said. “There was great fear in but it was a great time to invest in property at low rates for those who had the money. Many people who did that will reap a huge benefit once the situation stabilises again. Prices are already stabilising and we expect them to start rising by Diwali.”

Manish Sharma, a partner with Anupam Properties, a real estate firm that represents clients like Omaxe, said: “The situation was drastic for almost nine months — there were barely any buyers and way too many sellers. The few properties that we did manage to sell during the period were at reduced rates. For instance, an apartment in Ghaziabad which would have sold for Rs 26 lakh to Rs 28 lakh two years ago were going for Rs 20 lakh.

“Things are definitely beginning to look up now.”

Most developers at the event were promoting affordable housing projects, mostly in the NCR — the expo had few, if any, projects within Delhi. “Let’s face it, there’s barely any space left in Delhi,” said Mahak Jain, marketing manager for Wegman’s Industries that is constructing apartments in Greater Noida. “The few projects that are coming up would still cost way more than projects in the NCR.”

Greater Noida, Ghaziabad and Faridabad are proving to be “attractive places for those who want to invest in real estate”, Jain said.

But the largest crowds were drawn to a little corner stall where a company called Evanthe Real Estate Pvt Ltd was claiming to sell 900 square feet plots in the United Kingdom for as little as £ 1,600. “The slowdown is really bad there and many people are selling property very cheap,” the company’s manager, Kapilesh Chaudhary, said. “It’s the best time for Indians to buy property overseas.”

Source: Express India

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