The property market is on the upward swing. In the last quarter of 2013-14, there has been a 15 per cent increase in realty sale in Mumbai, Navi Mumbai and Thane. With election results just a few days away, realty experts believe there will be a further surge in sales as prospective buyers are in a buoyant mood.
According to the city-based real estate firm Liasas Foras, 11,500 housing units (1 and 2BHKs) were sold between January and April 2014 as against 10,000 units in the previous quarter. “The 15 per cent increase in sales is a significant rise in the Mumbai Metropolitan Region (MMR),” said Pankaj Kapoor, managing director of Liasas Foras. MMR comprises Greater Mumbai, Thane, Kalyan and Navi Mumbai.
Property rates are competitive in Mumbai and developers are offering freebies such as waiving off stamp duty and registration fee and club house and parking charges to boost sales, Kapoor told dna. “Builders are also negotiating with buyers by offering reasonable discounts. Also, the supply has increased. Therefore, buying a house has become easier... most of the sale is happening on the outskirts of the city. In Greater Mumbai, the response is still tepid due to inflated property cost,” he said.
Arvind Goel, president of the Maharashtra Chamber of Housing Industry (Navi Mumbai), said the property market is slowly gaining momentum. “The maximum sale is happening in Thane, Kalyan, Dombivli, Titwala, etc because the buyers are getting all sorts of amenities at a reasonable price and in big housing complexes. On the other hand, buyers are waiting for a price correction in Navi Mumbai. Once the metro rail, Ulwe railway line, Sion-Panvel highway expansion and the new airport projects are complete, the Navi Mumbai realty market too will start going northward. It has a huge scope and potential to develop,” Goel told dna.
Earlier buyers were only making inquiries, but now they are coming forward to book flats, said Kailash Patil, a real estate broker from Thane. “Buyers feel the market may blossom after the elections. Developers and investors, however, are selling their properties at a competitive rate as they believe the market will nosedive after the election results. It is a win-win situation for buyers and developers,” he said.