Festive fever

Festive fever

Festive fever

Starting Diwali, the real estate mar­ket in India traditionally experi­ences a surge in both, property buy­ing and selling. Around this time real es­tate developers introduce the most at­tractive offers on their projects, for which property seekers keep a look out. To gauge the actual trends that will be preva­lent this festive season, Makaan.com con­ducted a national survey for Metros and Tier II cities of India. Christened Festive Reality, the study analyses and highlights the expectations of property seekers vis­a-vis what developers have to offer this year. The survey saw participation from over 3800 property seekers and 312 lead­ing national developers.

According to the survey results a vast majority of national property seekers are looking forward tofreebies and develop­ers are more than glad to offer them. Na­tionally, whopping 80% homebuyers are looking forward to attractive offers this year. Singing the same tune, 64% nation­al developers have confirmed that they are introducing perks on their projects. On the contrary, 12% buyers are less op­timistic and are not expecting any free-bies. On the same hand 25% national re­altors are not supplementing their proj­ects with any such offers.

When compared city wise, both prop­erty seekers and developers are echoing the same trend. Amongst all cities, Pune tops the charts with 84% buyers looking forward for attractive offers. Mumbai and Delhi follow the city with 80% and 78% seekers expecting perks, respectively. With 80% each, realtors from Hyderabad and Pune have shown maximum incli­nation towards offering freebies this year.

Nationally, 72% seekers confirm, that they are likely to make a property pur­chase this season. On the contrary, 28% are either not sure or are not yet ready for a high value purchase like real estate. De­velopers across cities are expecting a jump in real estate transactions. 59% an­ticipate the market to boost between 5% and 20 %. Majority of developers in Metro cities are expecting a rise in property transactions this year. Amongst non-metro cities, Realtors from Pune and Ahmedabad are most opti­mistic and are anticipating a (10 % - 40 %) jump in real estate buying.

Amongst all freebies cash discounts are the most wanted. Nationally, 45 % buy­ers feel that proj ects/options tagged with cash discounts, would be their first pref­erence. On the contrary, 19% are not in­terested in any kind of freebies, for them other factors like location etc matter more. For 15% parking facility and club membership along with the ideal house, is enough for closing a deal.

Another 14% would prefer fully fur­nished homes over any other freebie. Across cities, 59% realtors feel that cash discounts are the perfect freebie and can attract maximum property seekers. An­other 13% feel that buyers give a higher preference to property options that are fully furnished. Keeping in mind the high cost of property acting as a deterrent in sales, developers are leaving no stone un­turned to lure seekers. Unlike the previ­ous times, they are offering exactly what the seekers are looking for. In the non-metro category, with 68%, seekers from Pune have shown the maximum inclination towards cash dis­counts. Interestingly the city also tops the charts (80 %) when it comes to realtors of­fering cash discounts as freebie.

Amongst metro cities, Delhi with 47% has the maximum number of buyers looking forward for cash discounts, this season. Mumbai and Bangalore follow the capital with 45% and 42% buyers re­spectively And in the developer catego­ry majority (55 %) of developers offering the same belong to Bangalore.

As compared to other metro cities, maximum realtors from Mumbai are planning to compliment their projects with home furnishings, while only 11% seekers from the city are looking for the same.

Today's homebuyers are a mixture of realism and mythical belief, while for majority investing during this period means choosing from a plethora of prop­erty options, for some it brings good for­tune. 35% of the national seekers feel that investing around the festive season means choosing from multiple proper­ty options. A noteworthy 32 % think that this is an auspicious period to make a high value purchase like property. An­other 18% are more optimistic, as they look forward to correction in realty prices. With companies offering bonus­es, 15% confirm that there reason for buying a house around the period is due to availability of cash flow.

With 41 % each, seekers in Mumbai and Pune have emerged as the most rational across cities. As they believe that buying during festive season helps them in choosing from multiple options. Hyder­abad, with 43%, tops the charts when it comes to seekers who consider buying property around this time as auspicious. Delhi and Bangalore follow this trend with 39% believers each.

Last Updated: Wed Aug 07 2013

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