Image Credits : DNA

Festival season is considered auspicious for real estate purchase and therefore developers gear up for boosting their sales. In a research report by JLL India, it was noted by its Chairman & Country Head Anuj Puri that traditionally real estate sales increased by up to 25-30 per cent during the festive season. However, this year it is anticipated that sales may not increase more than 15-20 per cent as the sentiment is still somewhat subdued and there is an affordability gap in larger cities.”

The real estate market, especially residential segment, has been experiencing a slowdown for last 2-3 years, leading to sluggish sales and long delays in the completion of projects.

JLL said that the property market is rich with options for prospective buyers with developers offering discounts in almost all the projects, particularly those which are ready-to-move-in. JLL also advised buyers to cautiously examine the offers and freebies to ascertain their true contribution in terms of the overall value of the property and the deal.

Puri added that buyers may perhaps consider the offers wherein stamp duty and registration fee is waved off, as this translates into an actual saving. He further stated that to improve the demand for housing, the government needs to review the taxes and duties that affect the pricing of any project. The process of granting approvals also requires swiftness to reduce the time taken from conception to actual delivery of homes.