Mumbai: Marking the auspicious occasion of Gudhi Padwa, a subtle yet noticeable change swept through the real estate market in the Mumbai Metropolitan Region (MMR), particularly Navi Mumbai. According to industry observers, signs of a gradual recovery have emerged, infusing hope and optimism among both buyers and sellers, after a period of uncertainty and stagnation.
The real estate developers witnessed a newfound energy as inquiries and transactions picked up pace while the streets of Navi Mumbai, with its burgeoning infrastructure and promising projects, seemed to echo the sentiment of revival.
Gradual recovery during Gudi Padwa
Gudhi Padwa, considered one of the three-and-half auspicious days in a Hindu calendar year, is the day when people go for purchasing something very significant in their lives, be it gold, vehicle or their dream abode. It is considered very propitious to make good purchases on this day for prosperity and happiness.
Potential homebuyers, drawn by attractive offers and favourable market conditions, embarked on their quest for the perfect abode while for sellers, the auspicious occasion seemed to bestow a sense of fortune upon their properties. What once lingered on the market now found eager takers, as buyers seized the opportunity to invest in their dream homes and the exchange of keys symbolized not just a transaction but the beginning of new chapters, filled with hopes and possibilities.
This created a renewed sense of optimism among the real estate landscape of MMR and Navi Mumbai. The gradual recovery witnessed during Gudi Padwa served as a beacon of resilience, reminding everyone of the inherent strength and resilience of the market.
President of CREDAI-MCHI, the apex body of the real estate industry in the Mumbai Metropolitan Region (MMR), Dominic Romell, said, “The real estate market in the MMR witnessed a gradual recovery. With improving economic indicators, stable interest rates, and increased consumer confidence, prospective buyers were more inclined to explore property investments, especially during Gudhi Padwa. To capitalize on the festive fervour and attract potential buyers, developers had rolled out attractive offers, discounts, and incentives during this auspicious day. These included limited-time promotions, flexible payment plans, waiver of stamp duty, and freebies such as gold coins, furniture vouchers, or complimentary home appliances. Incentives like these played a pivotal role in stimulating sales activity and driving buyer interest.”
Changes in Real Estate dynamics
“Apart from that, the MMR offered a diverse range of real estate options, including ready-to-move and under-construction properties catering to various budgets and location preferences. The availability of a plethora of projects across different stages of development provided buyers with ample choices, thereby facilitating transactional activity during Gudhi Padwa. CREDAI-MCHI witnessed a significant uptick in real estate sales during this period. We anticipated a surge ranging from 20% to 25% in property transactions compared to non-festive periods,” he added.
Another developer, not wishing to be named, said the currently the real estate sales process and scenario has changed drastically. “Bookings and sales take place aggressively in pre-launch or in channel partner meet and at times, sales are more sentiments driven irrespective of festive season. The end-user prefers to buy property when completed with occupancy certificate which takes some time due to GST in under-construction projects, current political situation or sometime clearing the files takes time due to lack of single window clearance."
