The stats mentioned here excludes Land developments/ plotted developments as projects. Most of the greatest builders & developers have refrained from further development of lands & building apartment due to the existing inventory situation. The stats speak of the reality of realty market.
In comparison to previous year, the property sales in the first quarter of the current fiscal year has seen a decline of 18% in top 9 cities of the country i.e., Mumbai, Pune, Noida, Ahmedabad, Gurgaon, Bengaluru, Chennai, Hyderabad and Kolkata. The lowest decline known was 2% in Thane and the highest decline in Sohna with 34%. The reason behind such drop in sales is directly associated with the increase in the number of new launches viz-a-viz poor performance of existing projects, not to forget the governments consist interference from various dimensions in real estate business. The general acceptable drop in sales of existing projects is usually 11% while the existing drop in sales of new projects is as high as 30%.
A survey states that around 57% of people surveyed are planning to invest in the real estate this year. Of these, majority of them are planning to invest in flats & apartments, nearly 25% are planning to invest in villas, luxury condiments or/and tenements. A majority of buyers i.e. 56% of them are looking for properties that are priced up to Rs. 40 lakhs, 28% of buyers prefer buying properties ranged between Rs.40- 75 lakhs and only a mere 10% of buyers prefer buying high-end properties that are valued over 75 lakhs upto 2cr.
The buyers are obviously opting to invest in properties come this festive season that brings in great discounts and rewarding freebies. The obvious understanding is discounts bring in confidence in the customers and motivate them to buy properties. Its an understanding of the emotional quotient of the customer buying, that around 70% of potential buyers are generally satisfied even if they are offered as low as 5% discount. 64% of potential buyers express interest in cash discounts, while 27% of the buyers are looking for financial flexibility like differed payment methods, alternative financial planning etc.
All in all- the most preferred cities in India that grab investors attention is Bengaluru, Delhi (NCR), Mumbai, Navi Mumbai and Thane, mentioned in the order of availability and nation wide rating respectively.
Our expert suggestion is to invest rightly, to do that, where else better than Bangalore who is walking up the rungs steadily. www.stratumventures.in