Anuj Puri, Chairman – Anarock Property Consultants
Every year, the end of August ushers in the beginning of festive season in India.
Religious sentiments lead innumerable Indians to plan important purchases and investments – including real estate – during this period.
Naturally, developers also plan for these months well ahead of their arrival with a view to cash in on this positive sentiment.
Unfortunately, last year’s festive season did not meet their expectations as buyers stayed away from the market – primarily due to execution delays, an uncertain economic scenario and unattractively high prices.
Demonetization also played a key part in the depressed sentiment – not only in the resale market as was at first expected, but in primary sales as well.
Most aspiring home buyers deferred their purchase decisions, preferring to wait until RERA kicked in fully. Though most developers offered compelling discounts and schemes, buyers stuck to their cautious approach during the last festive season.
However, the 2017 festive season has started on an altogether different and far more positive note.
While structural reforms by ways of RERA and GST have helped firm up buyer sentiment,