Real Estate Sector To Get Boost In Festive Season

With the onset of festival season, the real estate sonepat market gets a boost in India

. As this is an auspicious time to make investments, a large number of fence sitters also jump into the fray if the options are good enough. This increases the demand for real estate units.

But, interestingly, as demand soars, instead of increasing the prices, it has been seen in the past that developers give concessions to buyers to push sales. Even banks and finance companies cut their interest rates, or remove the processing fees, as to help more and more customers close deals.

A major developer says that during the festival season almost all the developers offer bonanzas owing to stiff competition, which they cannot factor into their cost and which cut into their margins.

Therefore, this could be the right time to do a bargain and purchase a house.

On the whole, during the festive season between October and December, the environment in the properties in sonepat market is very upbeat.

In the festival season, most of the developers either cut the price of their product or offer buyers the option of not paying the EMIs of the first two years or till the possession is not given, or hold out other inducements like free modular kitchens, LCD TVs, gold coins, or foreign junkets.

These offers, if analyzed closely, do not seem to reduce prices substantially, but clearly act as a catalyst in the perspective buyers decision to purchase a house.

Consider the offer of delaying the payment for two years. This may enable you to buy a house even if your income is not adequate to pay the EMI today, on the premise that your income could rise sufficiently in the next two years to help you pay up. However, this depends upon your judgment about your future income. But clearly, if you postpone the decision to purchase today, you will find it difficult to buy the same Plots in sonepat after two years.

The prices of the same house will go so high in the two years that even with an increased income you will find it difficult to close the deal the trend in the last 10 years suggests that this is certainly the case for most prospective buyers.

In most of areas in the NCR, prices have gone up by 30-50% in the last two years. Against this, the salary income of an employee has gone up by 10-20% in the same period.

Not only this, as the number of buyers during the festival season goes up, banks also cut interest rates.

by: Jindal real estate

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