People Showing Interest In Investing In Residential Property In Mumbai
Over-heated residential property of Mumbai market is taking its toll on the property
transactions and sales in Real Estate Property of Mumbai, is the lowest of the six major cities across the country. Last year leading to December 2011 we have seen slight difference in the residential sales in Mumbai dropping by 28 percent but this year expecting to increase in the auspicious occasion of Gudi Padwa Mumbai people is showing interest in investing in residential property of Mumbai.
In Maharashtra, Gudi Padwa ushers in the New Year and signifies new beginnings. As Hinduism recognizes Gudi Padwa as an extremely auspicious day, it numbers among the most powerful 'muhurats' in the Hindu calendar year. On the eve of traditional Marathi festival Gudi Padwa the question doing the rounds in Mumbai is whether the festive season, known as auspicious time to invest in property, revive the real estate market.
Since a large cross-section of Mumbaikars tend to link property acquisition with auspicious dates, activity levels on the Real Estate market increase visibly in this period. The residential property market in many locations sees increased activity just before Gudi Padwa precisely because this day is considered auspicious for building or entering a new house or for starting a new business. The positive feelings associated with Gudi Padwa often motivate people to buy residential property where they would otherwise have procrastinated. In short it often acts as a powerful market force.
According to Track2Realty the real estate market tracker, the Mumbai property market in general and its periphery locations in particular, are sitting over huge inventories that can take of another five years of property demand, keeping in mind the average transaction rate in the city.The reluctance of the developers to cut down the price (there is rather upward swing) is making the market unaffordable for home seekers.
Traditionally there is a 15-20% spurt in demand for residential properties during Gudi Padwa. This year the market in many cities is witnessing dampened sentiments, but festivals like Gudi Padwa always bring a perk-up in market activity. Developers offers value-added incentives to speed up the absorption of their residential projects. Buyers looks for is actual rates discounts such deals may be available with investors who have plugged their money into properties in slow-moving locations.
First time home buyers, 92 percent are emotionally more driven by Gudi Padwa spirit to buy a home than investors who are active in the property market as mere traders with no emotional connect to festive spirit. Many a time developers do announce some offering in order to complement the home buyers on this auspicious period. The product packaging is needed to lure home buyers on this festival. There has been a great awareness among the buyers today and most of the time it is the location, proper pricing, quality of construction and trust that attracts home buyers towards the real estate projects.
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