Real estate developers hopeful about festive season

Real-estate developers are expecting a slow but steady increase in sales this festive season on the back of a slew of reforms the finance ministry has taken over the past few days. Developers say reforms — including increased liquidity, creation of stress asset funds — will help in reviving buyers’ sentiments. According to industry experts, residential sales might rise between 5 per cent and 7 per cent this festive season, mainly between October and December, over last year’s. To entice buyers, a number of developers have introduced various offers and schemes. "The onset of the festive season, starting with Ganesh Chaturthi will incentivise many homebuyers to take decisions regarding purchase. In an effort to capitalize on this, developers are offering a number of attractive discounts to homebuyers, in order to revive sentiment in the market.” said Farshid Cooper, MD, Spenta Corporation.