Gold shines, vehicle sale steady, realty reels
The real estate players tried to sail through the slowdown phase that has been crippling the sector for over two years
Apr 22, 2015
Source : The Times of India


NASHIK: Like on any other auspicious day, the yellow metal was in much demand on Tuesday when residents went on a shopping spree as they celebrated Akshay Tritiya. The real estate market, however, failed to make up for the slack of the past couple of years. 

The jewellery and automobile markets registered brisk business even as the real estate players tried to sail through the slowdown phase that has been crippling the sector for over two years. The respite was that the market saw slight improvement on Tuesday. But just like last year, there was no new launch of any property as such. 

"Around 150 flats were booked in the city, which is a good number in a slow market. In between, the market was not at all good. As compared, Tuesday's bookings were good enough," said Jayesh Thakkar, president of the Confederation of Real Estate Developers' Association of India's Nashik chapter. "There has been no new launch at all this year, just like the last two years. The few launches that took place were just for formality sake," he added. 

Last year, around 200 residential properties worth Rs 50 crore were booked in Nashik city on Akshay Tritiya. This time, it was around 150. 

The jewellery market, however, witnessed the ritualistic rush of the customers, establishing once again their love for the yellow metal. Jewellers said though there was no significant rise in sale as compared to last Akshay Tritiya, the sale has been as good as last year. 

Akshay Tritiya is one of the three-and-a-half auspicious occasions, Dussehra Dhanteras and Gudhi Padwa being the others. The occasion is considered auspicious for starting new ventures and taking new decisions, such as buying new properties, gold and vehicles. 

Rajendra Odhekar, president of the Nashik Jewellers' Association, said, "The gold price on Akshay Tritiya was Rs 27,500 per 10 gm. In spite of all odds, we are doing good business. It is same as last year." On the same day last year, the gold price was recorded at Rs 26,500 per 10 gram. 

There are around 700 jewellery shops across the city and customers were seen buying gold in various forms. Ther maximum rush was at Saraf Bazaar, the biggest jewellery market in the city 250 shops. 

People were seen thronging automobile showrooms. Sources said around 600 cars close to Rs 25 crore and 800 two-wheelers worth Rs 5 crore were delivered. Last year, 350 cars worth Rs 21 crore and 600 bikes worth Rs 4 crore were sold.

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