Mumbai Realtors celebrate 8,000 property registrations in Oct
MUMBAI, Oct 30 (The CONNECT) - Over 8000 property registrations have been during October 2021 in Mumbai, surpassing the September figures, according to data from the Inspector General of Registration, Maharashtra and realtors say this is the best time to buy property.
The performance in October, with normal stamp duty rates, has also surpassed the registration numbers seen during the same period last year, when a total of 7,928 deals were registered during a period of stamp duty rebates.
Similar positive trend was noticed in commercial space as well
Dr Niranjan Hiranandani – Vice Chairman- NAREDCO and MD- Hiranandani Group said that a noticeable upturn in the commercial real estate sentiments in Q3 2021 coincides with the waning of Covid pandemic shockwaves, vaccinated workforce, upwards resumption of economic growth, positive sectoral outlook with softened interest rate and well infused liquidity in the economy. This nudges developers to chart out fresh lease supply to cater a dispersed portfolio including a ‘Hub and Spoke’ model across peripheral business districts.
The ‘Back to Office’ with hybrid model, social distancing, and wellness quotient fuels demand for larger floor plates in Grade A office spaces offered by the branded players. The Future of Work will be skewed towards the ‘Walk to Work’ concept in the right coexistence of value offices and value homes striking perfect social, economic, and ecological balance. The positive GDP growth outlook pegged by numerous apex regulatory agencies allows India to still retain the tag of fastest growing economy, stimulating the upward growth curve of the Indian Real estate industry, Dr Hiranandani said.
In the context of residential real estate, the current and future sentiment for home buyers is remarkably optimistic. The profound home owning sentiments complemented with conducive market economics in festive tailwinds gravitates end-users as well as investors towards the housing market. The stability and security offered by this tangible asset class stands stronger compared to other assets. The institutional retail lending in the housing market has arguably augmented due to the historically low interest rates and advancing consumer demand. This makes it a value proposition for the homebuyers”
Realty developers feel that the pace of both sales and launches have improved in the ongoing festive season and the trend is expected to continue in Diwali as well.
Sandeep Runwal, president-Elect, NAREDCO Maharashtra and Managing Director, Runwal Group, said, "While few developers have launched their new projects on the occasion of the festive season, many are offering attractive pricing and flexi-payment plans that have boosted sales. The Government's support with various policy measures in the past year too has helped convert a lot of indecisive and first-time homebuyers. The end-user interest has increased mostly due to the all-time low home loan interest rate regime which has provided the required fuel for the growth of the economy along with the real estate industry with which several other allied sectors are linked. Apart from the low-interest rates, the consumers' realization of owning a home along with key policy measures have been the growth drivers for the real estate sector in the past few quarters and the strong demand is expected to continue in the ongoing festive season as well."
Ram Naik, Executive Director, The Guardians Real Estate Advisory, pointed out, “The historically low interest rate, the lucrative festive offers accompanied by flexible payment options and better consumer awareness will make this festive season the best of the decade. What we are witnessing in the Indian real estate market is quite unusual as there has never been a time in recent history where every factor that determines the buying sentiments goes in the favour of the buyers. Be it interest rates, offers from developers or flexible payment options, everything is placed right in the favour of the home buyers. The other interesting aspect of this development is also the fact that the consumers know this is going to be the last bus to own a home at best value proposition.”
According to Shraddha Kedia-Agarwal, Director, Transcon Developers, "The all-time low-interest rates have already given a boost to the real estate sector upticking the demand in the last few quarters and enhancing the confidence of the homebuyers. Also, other factors such as the right product mix, better lifestyle upgrades and improving infrastructure in the city have made the residential real estate market more lucrative for the homebuyers and investors. The Government's favourable policy measures along with festive deals have helped sustain the demand during the ongoing festive season. The homebuyers too are making the most of this opportune time to invest in the desired properties."
Cherag Ramakrishnan, Managing Director, CR Realty, said, "The real estate market has seen decent sales this year and the reduction in interest rates by leading banks too have helped to keep up the sales momentum. Also, the aggressive launch pipeline that the developers had lined up ahead of the festive season has contributed to the rise in sales. We have seen an upsurge in site visits from the fence-sitters and are optimistic that the festive season will see some good sales momentum."
Vinay Kedia - Director, Prescon Group
"We have seen a healthy demand from buyers in the last few months due to the pandemic induced factors such as Work from Home, healthy living, safety & security, etc. Also, several other factors such as developers offering flexible payment options, the lowest home loan interest rates, festive offers and various sops by the government are driving sales in the real estate sector. Further, the rate cuts by leading banks during the ongoing festive season has also encouraged the buyers. This has augered well for the fence-sitters who can now plunge on the best opportunity to buy their dream home."
Bhushan Nemlekar, Director, Sumit Woods Limited, said "The prevailing low home loan rates are already enticing for homebuyers which have immensely benefited the real estate sector in the last few months. The record low interest together with the festive deals has encouraged the consumers to proceed with their purchase and quickly close their transactions. For a fact, consumers should be taking advantage of such lucrative deals offered in the market since these festive offers come with a limited timeframe and it is the best time to grab the opportunity for owning a home."
The real estate market has already seen a sudden boom in the past few months. A strong revival in the country’s economic growth in the current fiscal, historical low interest rates on home loans and lucrative festive offers by developers as well as financial institutions will be the major drivers of housing demand this Diwali. As property prices have stabilized now, income levels are rising, interest rates have dropped and property registrations are at an all-time high; it is expected to be a great Diwali for the real estate sector.