The real estate sector is expected to show signs of revival during this festive season. After the prolonged slump in the realty market, the festive season is about to bring cheer as this is the time buyers want to make new purchases and investments. The Delhi or NCR region is more receptive than ever before, for investments in the commercial segment. After approximately 46 per cent absorption recorded in the first half of 2016 in Delhi or NCR for the office space, the commercial segment is only expected to go up.
According to Ravish Kapoor, Director, Elan Group, the real estate market has been sluggish, but there is a definitive sign of recovery with the new reforms. With the onset of the festive season, the sales are expected to go up. Also, recent reforms in policies such as RERA, GST, etc, will strengthen the real estate sector, and buyers and investors will regain confidence in it. The festive season will bring a boom; and commercial realty will definitely see a steady rise. There is an increase in the buyer inquiries this festive season. As the real estate market is regaining its ground, there are more number of people interested in investing into property. With the recent reforms such as GST, RERA, etc, buyers and investors have gained their confidence back in the real estate. There has already been a visible improvement in the residential sector with the sales picking up by nearly 10-12 per cent. This is the best time for residential sector as people make new investments and purchases during this festive time.
A Gurgaon-based real estate developer, MAPSKO’s Director Rahul Singla, shares that Gurgaon has grown on to become the Millennium city, but any further growth requires space, and space is to be found in the newly developing areas of Gurgaon. The New Gurgaon and Dwarka expressway area are bound to see unprecedented growth in the coming days as the roadblocks to land acquisition has been cleared in New Gurgaon and the Dwarka expressway is about to be granted the National Highway status.
And, Vivek Singhal, President (Corporate Strategy), M3M Group, adds, “Festive season has always been encouraging for the real estate market as a lot of people believe in investing during these occasions. Buyer sentiments have improved towards the real estate sector, especially for the near completion projects, and we hope festivities with further enhance it.”