Developers Are Optimistic About Upcoming Festive Season
Deepak Goradia, President, Credai-MCHI expects housing sales to surpass pre-COVID festive levels. The festive season is the most-awaited time of the year as the majority of the homebuyers consider it to be auspicious to make big investment decisions. Post the second wave of the COVID-19 in the country, consumer sentiment is quite positive, and more and more millennial are looking at home ownership both for residing and investment purposes. Additionally, the reduction in home loan rates by banks have made the home buying environment even more conducive for potential buyers for the upcoming season. All leading financial institutions and banks are offering 6% to 6.70 % interest rates on home loans without considering employment category and loan amount. Developers are now optimistic about the upcoming festive season to surpass pre-COVID surge in sales riding upon the reduction in home loan rates by several leading banks, along with exciting discounts and offers rolled out by majority of the top developers in Maharashtra. Developers are rolling out incentives such as cash back, home automation, gadgets, white goods, furniture items like modular kitchens etc. to attract potential buyers. As Deepak Goradia mentioned, “Festive season continues to be the time where most developers do outstanding sales - 10-15% over and above other seasons. But this time, we expect this to surpass pre-COVID festive sales levels with most of the banks offering lowest home loan interest rates and an increased consumer buying sentiment. A lot of developers in Maharashtra are also offering exciting financing schemes and offers which will help customers to take a leap of faith and move into their own homes.”
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