Real estate may get a boost on Akshay Tritiya, agents say
Apr 30, 2014
Source : The Times of India

 

THANE: Property developers and real estate agents in the city are hoping that by next weekend, many of the under construction houses and townships will be booked. Any festival is considered to be an auspicious time to invest in real estate and Akshaya Tritiya is no exception.

Developers all across the city have launched a number of residential complexes, from living spaces to luxurious penthouses. While the present slump in the industry has construction companies worried, many are hoping of a change in scenario by next week.

Vinay Agarwal of Balaji Symphony said, "We are expecting a good turnout this year. Overall business has been slack but location is really what counts. An ongoing project at Panvel has got a good response so far, but I am hoping for a large number of potential home buyers this season."

Not feeling quite optimistic this year is Saifuddin Kapasi of Goodwill Developers. He admits that four months into the year, business has not been good. "This is an investor driven market and with the prevailing political and economic scenario, I don't expect the situation to get any better. Despite the auspicious occasion to splurge on real estate, I don't expect to see large numbers looking for housing," he said.

The Naik family, who current live in Sanpada want to move to Kharghar or Panvel. "Looking at the prevalent rates, I feel it is not feasible to buy property. While it may be an auspicious time to invest, the money market has been pretty controlled, so people don't have so much to invest," said Rajendra Naik.

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