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Courtship period for property dealers begins

delhi Updated: Apr 20, 2011 00:38 IST
Sidhartha Roy
Sidhartha Roy
Hindustan Times
Highlight Story

Being unlucky can sometimes make you quite popular. That’s exactly what the lakhs of applicants who couldn’t make it in the DDA’s housing scheme draw are finding out.

Builders, developers and property dealers are going all out to woo those who couldn’t get the house of their dreams in the draw of lots and might be interested in buying a property elsewhere.

Bulk SMSes have been doing the rounds since Tuesday trying to lure these prospective customers. ‘Missed out on DDA draw? Blessing in disguise!’ exclaims one such SMS advertising affordable houses in Noida extension.

Spike in real estate market?

Experts feel that many prospective buyers were waiting for the DDA housing scheme’s draw to get over before they make a decision about buying a house.

They said this would give a boost to real estate market as many of the more than seven-lakh applicants would now
scout for a dream home. And the area that is expected to benefit is Noida and Noida extension.

“The next couple of months will witness some sort of spike in the real estate market,” said Vineet K Singh, Business Head of real estate portal 99acres.com. “After the draw, a chunk of serious buyers will transact in the next three months, which is a significant number.”

Singh said that Noida and Greater Noida will see some big launches in the next few months and these areas will benefit from the increased demand. Shiv Priya, Executive Director of real estate developers Amrapali Group, said that post DDA’s draw, Delhi-NCR will witness a peak boom in real estate.

“Of the 7.4 lakh people who couldn’t get a flat, at least 3.5 lakh are serious buyers and still need flats. This demand will result in the boom,” he said. He too believes Noida extension will be the biggest beneficiary.

“This is where affordable houses are available along with facilities like swimming pools, clubs and security, which the DDA doesn’t provide,” he said.

“For those who want to buy a house, this is the right time as many flats are under construction here at present and prices will go up when these are ready to move in,” he said,” he said