LUCKNOW: After a dull period of more than two years, activity is back in the real estate market this festive season. The market sentiment is better and families are expected to close deals on Tuesday. According to market estimates, more than 100 apartment units and 200 plots will be sold on Dhanteras and end-users as well as investors will enter sign agreements with builders.
To cash in on the pent up demand, builders have offered various schemes during the festival season starting from Navratras. Early birds were given gold coins, international holiday packages, silverware and discounts of up to 15% to rake in crores.
Khalid Masood, the managing director of SAS Group (which owns the real estate brand Shalimar) said, "We are expecting year-on-year increase of 20% this season. The past month and a half have been encouraging," said Masood.
Realty prices in the city have not appreciated September 2012 onwards. The supply kept mounting during the past three years and led to bloated inventory levels in the absence of corresponding demand. Moreover, controversies surrounding fly-by-night real estate firms offering plot schemes further dented the industry. But efforts are on to restore confidence now.
UP CREDAI president and Eldeco Group chairman SK Garg said, "Close to 400 small, medium and big players are trying to attract customers with various real estate schemes. Less than 100 abide by guidelines and compete ethically. We are in talks with the state government to regulate such players as per the recommendations of the Real Estate (Regulation and Development) Bill"