October 2021 has recorded over 8,000 property registrations in Mumbai, surpassing the September figures, according to data from the Inspector General of Registration, Maharashtra.
The performance in October, with normal stamp duty rates, has also surpassed the registration numbers seen during the year-ago period, when a total of 7,928 deals were registered during a period of stamp duty rebates.
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.
Here are the views from the real estate experts:
Sandeep Runwal, President-Elect, NAREDCO Maharashtra and Managing Director, Runwal Group
"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
“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.”
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
"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
"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 time-frame and it is the best time to grab the opportunity for owning a home."
