Every festive season, there is a fresh excitement in the realty sector. Most people prefer to purchase their dream home during this auspicious period, with a belief that it would bring luck to them. Hence, prospective home buyers make all efforts to purchase a house during the festive season. The developers too launch new projects around this time, while those who have already commenced their projects will announce new offers to attract buyers. Here is a glimpse at the market status, rise of property sales and launch of new projects.
The sales in the real estate market are obviously low during the Aashada month as it is considered inauspicious. Moreover, the number of people visiting the projects has decreased due to continuous rains since four weeks. Only a handfull of new projects were launched in the last one month. My Home Sayuk project was launched in Tellapur and created a new record in sales. Strategic location, good project, better modern facilities, and developer’s past history – all these factors were considered by people and investors who competed to buy flats in this project. Otherwise, no other builder in the city has sold so many flats so far. But many builders are hopefull that the commencement of Shravana month will turn the things around and prospective buyers will start taking a decision on their property purchases this month.
New offers
Several developers in Hyderabad announce various schemes during the festival season. Many construction companies are already working on this issue and announcements in this regard are likely to be made soon. Similarly, several builders are expected to announce their new projects, providing the home buyers a huge range of projects to choose from. Many of those who have adopted a wait-and-see approach will take a final decision regarding the choice of home during the festival itself.
Are you buying a property? Here are some Do’s and Don’ts
- First decide where to buy.
- How far is the house that you want to buy is from the office? Is there proper transport facility for commuting everyday? Be realistic about it.
- Visit the project site personally to verify the features and facilities.
- Negotiate the final price with the manager/executive available there, before coming to a final decision. Doing this will show how serious you are about buying a home. Moreover, you can avoid visiting other unnecessary projects, if you get right price.
- If you like a project, you must visit the site to know more about it.
Sales in the high-end segment are good
For the first two months of the July to September quarter, sales were better in the high-end segment in Hyderabad. In the projects undertaken by us in Kokapet and Banjara Hills, the sales have doubled as compared to the last quarter. Obviously, this segment has nothing to do with the general market. Only those who want luxury living tend to buy in high-end communities. We are now coming up with a new high-end project near Kokapet Gar and budget homes in Kukatpally. Among these, the inquiries from prospective buyers have increased more than our expectations. We are making plans to sell them as soon as all the permissions are received. We hope that the sales will be better during the festival as well. – V Krishna Reddy, Managing Partner, Sri Srinivasa Constructions
Nation-wide growth
If we look closely at the real sector in our country, sales naturally increase during the festival season. The same trend can be seen in Telangana or New Delhi, because many people want to buy new things including a new house or a vehicle on auspicious days. Many people avoided buying flats during the Ashada month and hence, they are coming out to buy new flats during the Shravana month. This trend is expected to continue till Ugadi next year. The current political situation in Hyderabad will not have any adverse impact on the market. Sales of some properties may decrease during elections, but they will pick up pace thereafter. – Gummi Ramreddy, Vice President, CREDAI National
