Real estate developers and industry players anticipate positive sales growth to continue till the end of the year on the back of better-than-expected sales figures observed in the Diwali week. One of India’s foremost real estate platforms Square Yards, has stated that real estate transactions witnessed 5% of year on year growth for the recently ended quarter as compared to a drop of 50% industry-wide. Kanika Gupta Shori, COO at Square Yards, confirmed that 4,500+ potential home buyers walked in and booked 350+ properties with gross transaction value of Rs. 225 crore. Shori confirmed that these were on-spot bookings through payment of the entire booking amount and not only expressions of interest (EOIs).
Head of Sales at BPTP Limited, Amit Raj Jain, stated that in the Navratras period, there was good response to the newly launched plots along with ready to move housing units. This momentum remained steady till Diwali and there was huge customer traction in spite of another furry of coronavirus cases from the NCR according to him. Overall purchase based affordability parameters improved hugely throughout major Indian cities in spite of a larger household income dip in comparison to prices of residential properties.
Bhumika Group Managing Director and Area Director, Entrepreneurs Organization (South Asia), Uddhav Poddar, stated that the enhanced sentiments of buyers may be attributed to multiple aspects including advanced construction status of projects, lower rates of interest and overall positive sentiments prevailing for property purchases. Sales volumes recovered substantially between July and September and some of the growth was attributed to release of pent-up demand owing to the nationwide lockdown. CREDAI Western UP President (elect) and Director at ABA Corp, Amit Modi, stated that since real estate is a hugely sentiment driven industry, people are flocking to project sites post the pandemic for checking out projects for end-use or investments.
Some industry reports have also pegged the rise in sales figures throughout Diwali to 85-90% (month on month). The housing market is witnessing greater optimism on account of positive steps taken by Government authorities and the realization of individuals about the importance of building suitable real estate assets.
Square Yards is a technology-enabled, global real estate aggregator and India’s largest player for primary residential real estate. It’s subsidiary Square Capital is one of the largest marketplace for secured mortgages in India. Square Yards platform offers an integrated consumer experience & covers the full real-estate journey from search, discovery to research, transactions, home loans and post-sales service – fully integrating buyers to an extensive network of 500+ partner real estate developers, and 90+ banks & NBFCs. Square Yards is led by accomplished professionals, ex-bankers, and Ivy school alumni and is backed by the competence of more than 2500 employees in 30 cities and ten countries.