Dussehra brings slight relief to ailing real estate market

MUMBAI: Dussehra, an auspicious day for homebuyers to book apartments, gave hopes to builders who have seen a slowdown for the last few years.

MUMBAI: Dussehra, an auspicious day for homebuyers to book apartments, gave hopes to builders who have seen a slowdown for the last few years.

HT Image

The sales, although not very significant, have encouraged the realty estate market.

Builders’ announcement of sops and incentives such as discounts, freebies such as vehicles, gold coins and waiver in government taxes such as stamp duty and registration fees worked.

According to builders and realty experts, homebuyers are slowly taking a plunge, showing an interest in projects located on the outskirts of Mumbai.

Tejas Vyas, director of Oyster Group, said they got a a good response. “We recorded good sales for Dahisar and Kandivli projects,” said Vyas, who also heads the Maharashtra Chambers of Housing Industry exhibition committee.

According to Jones Lang LaSalle (JLL) India, the fall in interest rates on home loans and the festive season offers have played a positive role in lifting the market. “With the added impetus provided by the festive season after a prolonged lull, homebuyers in Mumbai are back to a certain but definitely not spectacular extent,” said Ramesh Nair, COO (Operations & International Director), JLL India.

Paras Gundecha, chairman and managing director of Gundecha Group, said the market is slowly picking up. “We are seeing enquiries as well as people buying properties,” said Gundecha. “The taxes and premiums have taken a toll on us and constrained our ability to reduce the prices.”

Dussehra, Gudi Padwa, Akshay Tritiya and Diwali are auspicious occasions for homebuyers and the festivals used to see the highest number of projects being launched. But with recession hitting the sector, the number of launches as well as sales has dipped significantly in the last few years.