Nashik real estate sector gains momentum after months of inactivity

The real estate sector in Nashik has regained momentum following the downslide due to the second wave of Covid-19. The president of the Confederation of Real Estate Developers Associations of India (Credai) Nashik, Ravi Mahajan cites that the construction work at nearly 1,000 residential projects has resumed after the work was hampered by the covid restrictions for three months. Mahajan added that the builders have started receiving offers from home buyers since earlier this month. Among the would-be buyers, some have also started visiting the project sites to assess the properties. He also stated that it could take a month for the buyers to confirm the deals after analysing the land. The real estate sector in Nashik was experiencing a steady growth until being hit by the covid era previously in March 2020. Although things had begun to improve following the first wave, the second wave of the pandemic in March brought things back to square one. Several local builders believe that the industry will benefit greatly if the state lowers the stamp duty, which will encourage more buyers to invest in real estate. Mahajan declared that the firm needs the state government to lower the stamp duty from 5% to 2%. He went on to say that the government had reduced stamp duty following the first Covid wave and that it had produced positive results. A similar move could help revive the real estate sector. Real estate sector recovers from its collapse during the pandemic due to the ease of restrictions. The number of walk-in customers has outnumbered the number of telephonic enquiries. People are going to the site in person with a single customer visiting up to five different project sites. Despite the fact that the cost of construction has increased by Rs 300 per sqft due to increases in cement and steel prices, prices have remained stable. Image Source Also read: Pune real estate sector hit by second wave of Covid-19