FESTIVAL DEMAND PUSHES HOME SALES UP 15%

Estimates show sales of housing units across the country increased 10-15% during Oct-Nov this year compared to the corresponding period previous year

Is real estate sector witnessing signs of revival? Experts vouch that at least in major markets such as Mumbai, Delhi-NCR (National Capital Region) and Chennai, they are witnessing buyer-interest. For instance, Godrej Properties sold about 300 apartments worth Rs 700 crore within a week of launching its project, The Trees, in Mumbai. Estimates show sales of housing units across the country increased 10 to 15% during October to November this year compared to the corresponding period previous year. “We are seeing improvement in demand. Prices have come down 15 to 20% bin the past one-and-a-half year and there is no further scope for reduction. Also, we saw sales increasing 15% during festival season, especially Diwali,” said Geetamber Anand, President, Credai and Chairman of ATS. Honey Katiyal, founder and chief executive officer, Investors Clinic, a real estate consultancy,echoedsimilarviewsand said there has been slight uptick in sales in the festive season. “We have already started seeingsignsofrevival.The realestate market is all about sentiments and they have turned positive. Even the activity on the ground has increased slightly,” he said. An affordable projectlaunchedbyAmrapalilastweekinthe

National Capital Region for serving and retired government employees got huge response from users. The company expects to book at least 1,000 units in the coming 10 days. It has a total of 5,000 units. Similarly,

The sector has also been marred with high inventoryanddevelopershavebeenfocusing on clearing the stock rather than launching new projects. Pirojsha Godrej, Managing Director, Godrej Properties, in an interview to Business Standard last month, had said, for therightdeveloperandrightproject,demand continues to be good. “For more full-fledged recovery, confidence needs to improve.

Things are on an upswing. Though, I don’t think pricing is the most important thing in recovery. It is demand volumes, which is most important. People are getting confident that prices are not going to crash. I don’t think any major crash is possible in the medium term,” Godrej said.