AURANGABAD: A festive spirit only adds to buyers' sentiments in the property market. After last year's slowdown due to the severe drought in Marathwada region, belligerence is the watchword in the Aurangabad property market this Gudi Padwa.
The confederation of real estate developers association of India's (CREDAI's), Aurangabad chapter president, Papalal Goyal said, "The real estate market looks good this year. Business of more than Rs 100 crore is for Gudi Padwa on Monday."
He added, "Around 250-300 units would be booked and 300-400 housewarming functions are likely to take place." Goyal said around 30-40 new mega projects would be launched in the city on Monday.
"With concessions in registration fees and VAT charges, and offers such as the requirement of only 20% of the payment to be made as the initial installment and the remaining amount to be paid up at the time of possession, the attraction for customers is huge," Goyal said.
Former CREDAI president Pramod Khairnar said, "We have just recovered from the slowdown and are busy completing the old projects."
He continued, "Last year, 50% of the real estate business was affected due to the drought. Fortunately, the property buyer sentiment this year can turn out to be a catalyst for market revival."
"With much development happening around the Delhi-Mumbai Industrial Corridor (DMIC) and the sanction of National Highway 211, Aurangabad is bound to look to be an attractive option," he said.
"Due to the DMIC, the city will see a huge transformation in terms of infrastructure development in coming 3-4 years. The demand for sale of properties on the outskirts would rise proportionally with the price. Areas like Shendra, Bidkin and Paithan, too, would witness major changes," said Khairnar. He said the demand in the future would be so high that builders would fall short of fulfilling the requirements. There would be a 200% growth in the property market, he said.
"At present, affordable flats on the outskirts range from Rs 10 to 30 lakhs, while executive homes are sold from Rs 40 to 75 lakhs," said Khairnar.
About land prices, he said, "Plots ranging between Rs 1000 and Rs 2000 per sq. feet are available on the outskirts, while the cost goes up from Rs 3500 to 10,000 per sq feet in the city."
As buying a house or flat is largely a sentimental decision, the advantage offered on occasions such as this gives it all the more importance. "The fact that summer vacations, considered ideal for shifting homes, are just around the corner also helps considerably. People book homes in projects that are in their finishing stages on Gudi Padwa and shift during the vacation," said CREDAI member Vikas Choudhary.
"Many who in the process of buying a home around a month prior to Gudi Padwa delay their decision until the day of the festival. At the most, a token amount will be handed over to block the chosen flat, but procedures such as the signing of documents, handing over of keys and placing 'Kalash' are usually reserved for this day," he said.
This year the real estate market looks bullish and is expecting to witness a business of more than Rs 100 crore on Monday on the auspicious occasion of Gudi Padwa festival. - Papalal Goyal, CREDAI, Aurangabad chapter president.