Gudi Padwa to boost real estate sales

- Jitendra Mehta,

President, CREDAI MCHI Thane

What is the importance of Gudi Padwa for the real estate sector?

Real estate is largely sentiment-driven; festivals are an apt example of the same. Some festivals are seen to be enhancing the positive sentiments which result in home buying; Gudi Padwa being one of them. Historically, real estate sales witness higher numbers during the festival of Gudi Padwa, and this reflects in the importance that real estate gives to the festival.

How is the property market performing and how will it change due to Gudi Padwa?

As of the last two quarters, real estate has performed well in terms of new launches and sales. The RBI, in its efforts to control inflationary pressures, has taken measures including hike in repo rates, which has resulted in hiked EMI for home loans. This has resulted in a partial slow down in some micro-markets. Gudi Padwa should see high sales, effectively overcoming the partial slowdown.

What does the real estate sector expect from Gudi Padwa this year?

Better home buying sentiment, which would be reflected in the quantum of sales and also new launches are expected.

During last exhibition, we have data of 27,000 families who have shown interest of buying flats in thane. Majority of them had completed site visits so we expect closer to around 1,500 flats during Gudi Padwa days.

What is the current status of property market rates?

Over the past few years, property prices have largely been static. The input costs have gone up to the stage that project viability is the key factor which is a worry. So, as an industry, real estate wants to balance both sides - home prices being at levels which will induce more buying while also ensuring that buyers get homes at prices they can afford.

How is the current time to buy residential property?

Any time is the right time to buy residential properties simply because the market keeps evolving; so your 'dream home' with the same set of amenities at a particular location and, at the current price will not be available in the future. So, if you're planning to buy, then don't procrastinate - take the decision and go ahead. The right time to buy a home is 'now'!

What advice would you give to home buyers and investors?

Property is a solid asset class on various parameters. For the home buyer, the safety factor of having bought one's own home is beyond comparison. For the investor, it reflects a safe and secure option that provides both: rental income and capital appreciation; obviously, a win-win for the buyer and the investor! Take advantage of the positive sentiment of Gudi Padwa and buy property - it will be the best decision you have made!

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