GudiPadwa Bodes Well for Realty Sector

-Authored by KaizadHateria, Brand Custodian & Chief Customer Delight Officer,Rustomjee Group GudiPadwa is the first day of the New Year in Maharashtra.  It is one of the three days in the Hindu calendar of which every minute is auspicious and hence the perfect time to invest in a home.  It is truly the time for new beginnings and this GudiPadwa is expected to bring good tidings for the real estate sector as well. The past few years have seen a period of consolidation in the real estate sector. The reputed and robust developers have emerged stronger and have seamlessly transitioned into the new systems of RERA and GST. In fact, with the greater transparency and accountability that has been infused into real estate, the clients have a new found confidence when it comes to investing in projects. There has been greater interest from foreign investors and NRIs looking for sound projects in and around Mumbai. While every segment of the market has found takers, there has been sustained demand for affordable housing which meets the budget requirements of the average home buyer. Adding to the upbeat outlook of the sector is the announcement made by the GST council in March regarding a reduction in GST rates to 1% for affordable homes and 5% for others. Of course, there are riders attached in that developers cannot claim input credit under the new rate regime and thus prices of apartments would reflect that. However, for the home buyer there is a perception of reduced taxes and that would present a great incentive for them to book a home this GudiPadwa. There is a general sentiment in the real estate market that there would be a boost in sales, some even expect a 20% hike. Traditionally too, it has been seen that the Indian home buyers look for auspicious ‘mahoorats’ before making big decisions like buying a home and GudiPadwa presents the perfect opportunity. In past years it has been seen that pent up demand transitions into definite sales at the time of festivals like GudiPadwa. Moreover, there is likely to be greater demand for projects in which OC has been received as that gives home buyers a chance to move into their new homes earlier. Besides, with AkshayaTritiya, another auspicious day, just around the corner, April is definitely going to be busy month for realtors.