The 9 days of Navratris in the Hindu calendar year are much awaited as the sentiments are riding high in the market and people, due to their spiritual and positive beliefs are eager to invest in the real estate sector. Even the developers in the sector try out their best to offer most lucrative deals to the public so as to generate highest sales in these 9 days. The realty sector’s objective for this time period is not only to gather sales, but to offer possession of their units as well, as customers find this time of the calendar as the most auspicious time for not only buying a property, but settling into the purchased units. Thus, this season every year in Indian realty sector is full of joy and enthusiasm as not only great numbers are recorded in sales but equally good for possession of units.

Bookings: 9 Navratri days vs. 9 Non-Navratri days

“Because this time is considered propitious for buying property, greater footfall of potential buyers is observed on site offices during Navratris; and when footfall is high, so is the conversion. These 9 days of Navratris we managed to bag 30 fresh bookings, whereas during a sample of 9 Non-Navratri days, we are usually able to gather 5-7 bookings”, shares Mr. Deepak Kapoor, President CREDAI-Western U.P. & Director, Gulshan Homz. This has somewhere been a trend in the Indian real estate sector where sales are recorded bigger in number during the festive seasons versus the non-festive seasons. Mr. Ankit Aggarwal, CMD, Devika Group explains “Every year, Navratris are able to penetrate the sales in the real estate sector. These 9 days are actually able to cover the misses incurred throughout the calendar year. This Navratris turned out to be great for us with over 400 percent bookings witnessed as compared to a regular 9 days of Non-Navratri period”.

Even the developers offer various goodies, special payment plans and other such add-ons during the Navratris so as to extract the maximum during this time. “With our special festive payment plans offered for our projects this Navratris, we were actually able to reap out great numbers. We are usually able to gather 10-12 bookings without a festive season offer in 9 days tenure; but with Navratris special schemes, our numbers got doubled with 25 bookings made in these nine days”, states Mr. Rupesh Gupta, Director, JM Housing. Feeling over-joyed with their performance during the 9 Navratri days, Mr. Mukesh Khurana, MD, Rudra Buildwell said “Few important decisions by the government this year just prior to the festive season has created a great wave of positive sentiments floating in the market due to which the response has been far better. The clearance to land dispute in Greater Noida West and NGT verdict in Noida, added with recent RBI repo rate cut has allowed this sector to gain from what was otherwise lost. This Navratris, we managed to book over 300 percent extra than usual numbers in 9 day period which is pretty good considering the gradual revival in the sector”. NCR realty major, Ajnara India Ltd. is known for its extraordinary performance during the festive seasons due to the unique schemes it offers across its various projects during this time. “Our 7-7-7 scheme this Navratris came out to be a big hit as we managed over 175 bookings, which is almost double than what we usually get during any normal 9 days. On a normal course, we are able to book 80-90 units without any festive season push. The prime reason for this result is the better market sentiments and ready customers, added with much lucrative deals in the market”, expresses Mr. Ashok Gupta, CMD, Ajnara India Ltd.

The Navratris this year has come out to be more fruitful than the previous couple of years. RBI repo rate cut followed by reduced bank rates has contributed much this time, which was absent back then. This reason coupled with floating positive sentiments in the market due to the recent NGT verdict for Noida and, earlier clarity over land disputes in Greater Noida West has allowed the developers to walk a hurdle free road. Even the customers can now trust the regions with a promise of delivery and returns. “The NCR realty map is picking up pace if we speak about the sales performance especially during the festive season. Over the years, the developer lobby has understood the buying behaviour and pattern of the customers and the schemes and offers that are most suitable during this time around. Throughout our currently active projects, we were able to generate 40 odd bookings with 4-5 in pipeline. These 9 days proved to be better than any usual 9 days for the entire sector which will now help in clearing the unsold inventory across the country and open the doors for fresh demand and project launches”, elucidates Mr. Kushagr Ansal, Director, Ansal Housing. The festive season in almost every region has been able to extract better results as compared to any other 9 days of the calendar year. “On normal days, the footfall in the realty sector is lesser than that during festive season and thus the conversion rate is tending to be better during the festive season. The Navratris is the big ticket for developers and customers to generate better deals. Our performance was great during the Navratris with around 18-20 bookings made as compared to 5-6 that take place on a normal 9 non-festive days”, shares Mr. Rakesh Yadav, Chairman, Antriksh India.

Even the commercial real estate front was not behind when it came to bookings during the festive season. “Commercial real estate in India is growing at a decent pace considering its gaining acceptance and involvement because of increasing pressure of FDI and global giants settling here. For commercial real estate also, this time is extremely important as investors bet big on the festive seasons as better schemes and returns become available. We were able to get 8,699 sq. ft. of space booked during the Navratris as compared to approx.. 5,700 sq. ft. on a normal 9 day non-festive season”, says Mr. Sushant Muttreja, CMD, Cosmic Group. NCR realty major, Vardhman Estate & Developers (P) Ltd. scored quite big in the commercial real estate front for its ongoing projects during this festive season. Mr. Vivek Gupta, Director of the company said “With the market full of enthusiasm and positive sentiments due to festive season, the results were a witness to its wonders. We were able to seek booking of approx.. 25,000 sq. ft. of commercial space during the Navratris as compared to a mere 12,000 sq. ft. approx.. on an average 9 non-festive days period. Thus, the festive season has turned out to be very fruitful for the sector in general”.

Possession: 9 Navratri days vs. 9 Non-Navratri days

Even bigger news for the sector and its customers is the news of developers offering possession of their projects. Years of hard-earned money of individuals and families are kept on the line when a property is booked. Thus, getting the tangible or monetary return is of much more importance for the customers and the even developers so as to keep the income flowing in the economy and keeping the inventory overhauling on a regular check. “More than booking of a unit, for any customer it is the possession that matters. We as a developer perfectly understand the value of one’s money and keep ourselves ready for the festive season as a chance for not only generating better sales but offering possession of units as well. Customers are seen in huge numbers coming during Navratris and getting their Grah Pravesh done due to the religious beliefs attached with this time. Possession seeked for our projects during the Navratris was 75 units which in comparison to Non-Navratris days is hardly a handful”, adds Mr. Deepak Kapoor.

NCR realty major, RG Group has come out as one of the very few developers to offer possession of their units in the Noida region, post the NGT verdict. The company had recently announced the offer of possession of the first phase of their residential project, RG Residency located at Sector 120, Noida. “With the onset of Navratra, we started handing over possession of our maiden residential project RG Residency located in Noida. We observed that number of possessions sought during this period was over 100 which during a non-festive season are usually around 50. Thus we can say that buyers in Indian real estate sector are extremely sentiment driven as these numbers itself are a reflection of their buying behaviour”, states Mr. Rajesh Goyal, Vice President CREDAI-Western U.P. & MD, RG Group. Speaking about the possession of units, Ajnara India ltd. has been once again a prominent name during this festive season considering its mammoth list of ongoing projects list. “We managed a good booking number this season, but a number that we are most proud off this season is the number of families who took possession of their homes. On a usual 9 days of Non-Navratris period, we observe possession of around 60-70 units and this time during Navratris, we saw around 250 units gaining possession. We are feeling extremely happy to see such satisfied faces with more to come till Diwali”, adds Mr. Ashok Gupta.

With this Navratris coming out to be a huge game changer for the realty sector, the much needed momentum can now be observed. A lot of bookings in the sector have taken place and simultaneously possessions have been offered. Families are taking possession considering the auspicious time and this momentum will be carried till end of Diwali. What this entire scenario will allow is the market to behave in a systematic manner so as to allow the sentiments flowing regularly which will help the sector to follow a well-directed roadmap to better shape the upcoming year.




     Indian real estate sector has always been known for its infamous deeds primarily because of the unorganised process that it follows which is still persisting. But at the same time, it is able to contribute gigantically towards India’s Gross Domestic Product (GDP) and employment opportunities. With the absence of a regulatory body, single window clearance system and industry status; still this sector has been consistent in serving the dynamic needs of the domestic as well as international traffic. But during this process, filtration of what is wrong and what is right is not possible due to which there are still a lot of questions that remain answered.

Parmar case: To learn or let go

In a recent shock to the entire nation, Late Mr. Suraj Parmar was forced to end his life as he could not further bear the brunt of the corruption existing in the sector. Due to this incident, leading private body of the sector; CREDAI remained shut on 13th October, 2015. Looking at the flipside, there have been numerous cases, where not only an individual but entire families have lost hope and committed suicide because of not getting their homes on time and fed up of paying rent and EMIs together. Who will address their issues?? “There is no denying that real estate sector has still not been able to earn trust of the public. This trust can be attained once there is proper registration process, monitoring of transactions and continuous supervision of the dealings. But the Suraj Parmar case has come out as an eye opener for everyone associated to this sector. The government should now focus upon making sure that single window clearance system and a regulator at the centre should become operational, so as to suffice everyone’s needs and curb the evils pertaining in this sector”, explains Mr. Rakesh Yadav, MD, Antriksh Group. Adding to this fact, Mr. Vivek Gupta, Director, Vardhman Estate & Developers (P) Ltd. states “At present, providing the real estate sector with an industry status is need of the hour so as to allow ease of doing business. Everyone must understand the fact that this sector is an end user of products created by over 300 industries in the country. Thus, simplifying the work process here will lead to an overall harmony for both, developers and customers. At the same time, timely approvals can become possible only with single window clearance system which will ultimately allow developers to offer possession on time and reduce unnecessary pressure over the customers”.

Real estate bill in winter session brings hope

Another disturbing feature of Indian real estate sector has been delays in delivery, not providing customers with refund for cancellations and changes in project specifications without prior notice to the customers. In this sector, the buyer agreements are tend to be one-sided with a bias towards the builder. Although, with the real estate bill hopeful to be tabled this winter session, if passed, it will greatly assist in bringing justice to the buyers and promote fair dealings in the future. “This bill will ensure that the transactions incurring in this line of business between buyers and developers are fair and transparent. Also, this bill will make sure that every state sets up a regulatory authority. With this authority, the developers will have to compulsorily upload all project related documents such as site plan, layout plan etc. on the authority’s website. Prior to selling the units, every builder will first have to register the project with RERA; and even the brokers will have to register themselves, thus enhancing the transparency in the sector”, enlightens Mr. Vikas Bhasin, MD, Saya Group. Also agrees Mr. Amit Chaudhary, MD of Rhythm Ccounty, as he says “Apart from getting themselves registered with RERA, if developers plan a structural change, it won’t be possible until the developer has attained the consent of two-third of the buyers. This will promote discipline in the sector and remaining fixed to the initial designs. Another prominent feature of this bill is the clause of maintaining 50 percent of the funds in an escrow account so as to curb developers to divert funds to other projects. Hence, this bill will not only confirm transparency but discipline as well which suits the public”.  If real estate bill gets a go ahead this winter session, this sector which has lost its lustre will start coming back on track, and gradually gain trust and credibility.

What lies ahead

There is pressure on the customers as well as the developers. One is under pressure to deliver quality projects on time and other is under monetary pressure and facing the delays in delivery. Developers have a justification of not delivering on time and the customers are trapped equally. There is now need of an immediate government attention towards this sector if the dreams for Housing for all, smart cities and AMRUT have to become true. “Without real estate bill and single window clearance system in place, how can we provide 2 crore homes within 7 years? Further, even if this feat is achieved on time, who is there to answer the grievances of people of those segments who will own a home for the very first time in life? These questions and problems will remain unsolved till the time government does not take up these matters seriously and execute the real estate bill and single window clearance system across the country”, avers Mr. Sudeep Agrawal, MD, Shri Group.

Thus, Indian real estate sector has always faced trouble but is not much behind in creating trouble for the people as well. Every coin has two sides and thus, people of this sector must not ignore the fact that real estate in our country has always been in news due to some negativities but at the same time; even we need to excuse these negativities pertaining to this sector, as not all is in the hands of the developers fraternity and the government must intervene in these matters more seriously. “We cannot take credit away from the real estate sector for how it has transformed this country and is still doing so. Because of this sector several other industries are dependent. This sector is a massive contributor to employment and the economy in general, but again the multiplier effect that this sector produces for other industries can’t be measured. Why it is still ignored then? Recently we had CREDAI protesting on behalf of over 11,500 developers, but why do we need reasons to raise our voice? Isn’t our work already visible to the nation? We hope that the government now takes up certain disturbing matters seriously and allows this sector to grow peacefully”, questions and concludes Mr. Ankit Aggarwal, CMD, Devika Group.



   Real estate sector has been a major contributor to the country’s economy since days gone by and the fact cannot be ignored that this sector, even without the industry status has been one of the biggest employer and contributor to the country’s GDP. Also, there are many allied industries which thrive on the real estate sector for their running and eventually survive because of them. Private players are no strangers in the real estate sector and the role they have played in transforming the realty market is highly commendable. But then again, this sector has been marred with constant hindrances from all corners which ultimately results in delayed projects, thus delayed deliveries.

In a recent turnaround, Mr. Suraj Parmar, President, Thane chapter of Maharashtra Chamber of Housing Industry (MCHI) and a very prominent name in the realty sector of Maharashtra resorted to the last step by committing suicide at a sample bungalow in one of his upcoming projects. It is highly debatable as to what reasons could have led him to this decision of ending his life but sources close to him suggest that he was fed up of the gross irregularities that were involved in attaining clearances and due approvals for all ongoing and completed projects. According to them, reasons are not just limited to the above and there are countless many. Shocked and aggrieved over the follow-up of these events, Mr. Deepak Kapoor, President, CREDAI – Western U.P. & Director, Gulshan Homz said, “This has come as a real shocker for all of us in the developer fraternity and honestly speaking, things should have never come down to this. We work day in and day out to fulfil the shelter needs of millions and this credibility cannot be taken away from us. Also, this incident has brought forward the harsh realities every developer has faced at some point or the other. In a sublime protest to this, we at CREDAI along with our entire member developers had stayed closed today to express our solidarity towards Mr. Parmar and stress on the need of timely approval mechanism for the real estate sector.”

As can be adjudged by the sentiments of Mr. Kapoor, real estate sector is not getting it’s due credit for what service it is giving to the nation, both directly and indirectly. With more and more curbs taking effect, hands of the developers are getting tied up and a big chunk of this comes from the government itself. This factor was stressed more in detail by Mr. Rajesh Goyal, Vice President CREDAI-Western U.P. & MD, RG Group. He said, “Off late the pressures have increased in the sector with the induction of new guidelines and that makes it even tougher for developers to operate within the set parameters. Single Window Clearance System is also a need of the hour as a lot of time is wasted in getting the approvals from the authorities. We hope that this unfortunate incident works as an eye opener for everyone in general towards the unfairness we as developers have to deal with everyday and even the customers are at the receiving end of this system. We hope to be heard by the government and nation and be given proper justice and respect for our dealings.” It can be very well seen that everyone is stressing on clearances which direct us to the question – Is it always the developer at fault?

Concentrating on this, Mr. Kushagr Ansal, Director of Ansal Housing elaborates, “There has never been any shortage of commitment towards our responsibilities and this can be very well seen by the fact that even after so many hurdles, we focus on timely delivery of our promise to customers. But the increasing extent of follow-ups required to go ahead with the projects has somewhat added extra tenure pressure on the developers and this will mean that even without valid reasons to satisfy stakeholders, projects will get delayed. In a support to the cause and also to express our solidarity towards Mr. Parmar, we are joining the protest organised by CREDAI.” With so much going around, it is expected from all to understand from the shoes of a developer as well because things are not available in a platter in front of them and no work can be moved ahead with in the absence of necessary approvals. One needs to understand the sensitivity of such situations wherein a developer is being charged for ills which he may not have borne upon him but are being thrust upon him as a result of the due process. Joining in the protest, Mr. Rupesh Gupta, Director, JM Housing added, “It is something very unfortunate that such a renowned developer had to resort to such lows in order to reach out to the concerned people. There is no respite from the hard hitting policies which do not have an inch of space for us developers and it is very obvious after this incident that the overall arena needs an overlook.”

Pondering over the concerns raised by Mr. Gupta, it is very obvious that the policies and the regulatory need to have an overlook at the current scenario and see the options available for a possible reform if required. Adding his views on the options available for turning things around, Mr. Mukesh Khurana, MD, Rudra Buildwell Pvt. Ltd. expressed his views saying “There is always a finger pointing straight at the realty sector but still while framing policies and implementing them, the real estate sector is not evident of the repercussions that these changes will result in. Also, there are unwanted delays which are pushed through multiple mediums even on ongoing projects which eventually results in delayed outcomes.” Plans getting rejected with retrospective effect, endemic delays in getting approvals, deliberate delays in implementing government policies are some of the crunches which keep going through the real estate sector on a daily basis. Speaking about the entire scenario, Mr. Sushant Muttreja, CMD, Cosmic Group concludes, “Anyone and everyone going ahead in this line of business are responsible towards the outcome for the public and the nation. We have full solidarity with Mr. Parmar, but at the same time we need to ask the concerned if we are getting our due. There have been numerous such instances wherein developers face the heat because of the lacklustre approach shown towards the market and the sector. It is high time that things are brought back in shape and the major changes one can expect is the clearances are defined and subjective which makes sure that regular follow ups are not required throughout the project.”



   Being a developing nation, India is one of the most prolific and still pretty much untapped real estate markets of the world that has long been known for attracting domestic and foreign investors. This foreign intervention in Indian realty market and rising domestic presence of developers has somewhere given a transformation boost to country’s real estate sector over the last couple of decades. Historically, real estate has been broadly classified into two main categories; residential and commercial. Both of these are interdependent as residential real estate can’t survive without a good commercial realty existence to meet daily needs of residents and on the other hand, commercial real estate will always need residents around it to meet the catchment demand of a region. The current Indian government has been extremely proactive with its approach towards providing houses to everyone; but will it actually suffice the entire purpose?? Thus, ‘Commercial For All’ is an equal need of the hour as ‘Housing For All’ so as to promote an overall growth of the economy and realty sector.

To provide an Economic boost:

Real estate sector has been one of the prime contributors to Indian Gross Domestic Product (GDP) and employment generation, due to which it been a key focus area of the government. Commercial real estate plays a vital role in making sure that the sector keeps this momentum going and enhances the economic scenario of a nation. “A commercial real estate is recognized as a more professional work of construction as it involves better and unique architectural designs, construction, planned location, connectivity, schemes, etc. A commercial property may be developed as small as 200 sq. ft. to as big as 2,00,000 sq. ft. or more. Therefore, a lot of planning, fund allocation & management, manpower, technology and execution are involved for the commercial real estate to perform. The end result thus becomes greater employment generation, more FDI in term of funds and technology, better returns and overall growth of the realty sector”, explains Mr. Kushagr Ansal, Director, Ansal Housing. Adding to the fact, Mr. Ashok Gupta, CMD, Ajnara India Ltd. avers “Residential real estate can greatly satisfy domestic demand but foreign demand to a certain extent only. Whereas, commercial real estate provides this benefit to domestic as well as foreign investors; in fact foreign investors rely greatly upon a superior commercial setup in a country to enter and settle. Thus, the purpose of adding value with benefit to the sector and economy is better achieved with developing commercial projects in sync with residential projects”.

Must move parallel with ‘Housing For All’:

Addressing the shortage of housing needs is of extreme importance considering the value of a roof overhead along with the three primary needs of a human being. But providing a roof should not be the only goal as a habitat remains incomplete without proper infrastructure and availability of commercial units around the residencies. “There exists a direct relation of demand and supply between residential and commercial real estate. If there is huge residential settlement in a region, then supply for commercial spaces is in demand and vice-a-versa. Housing for all is crucial for fulfilling basic needs of the people, but what about offices, retail spaces, hospitality spaces, etc. Thus, Commercial real estate plays the part of completing the real estate outlook of a destination, which is imperative for the sector and economy to perform and grow”, elucidates Mr. Ankit Aggarwal, CMD, Devika Group. Also agrees Mr. Vivek Gupta, Director, Vardhman Estate & Developers (P) Ltd. as he says “The need for housing has been ever-growing in our country, looking at the rising population levels. Provision of homes is one aspect of fulfilling the necessity, but providing employment and a place to work will assist in fulfilling the three core needs; social need, esteem need and self-actualisation need. Providing commercial spaces will always be an integral part of developing a society and should be thus, kept in sync with the housing needs”.

Providing better returns:

Developing commercial properties requires a lot of fund allocation and heavy duty investment, in many cases even more than a residential property. Since the investment is greater, the return is tend to be higher. For instance, it is often seen that a 500 sq. ft. commercial property developed at a good location with quality construction and features will give a return more than a 2,500 sq. ft. of residential property. So, it is always beneficial for a developer to build and sell commercial properties with a well laid plan along with strong internal and external catchment around. Mr. Sushant Muttreja, CMD, Cosmic Group states “Today, developers have several ongoing commercial projects across the country. One reason is the increasing demand of office spaces, and other being better returns through lucrative deals that residential properties can’t always offer. Commercial units usually carry assured return schemes with them and this allows the buyer to start getting returns from the date of booking till possession. After that, the property can be put to lease or even sold, thereby carrying the process of earning returns. Therefore, it is an all win situation for the buyers”.

Long term vision:

Since the returns in commercial real estate are higher and the demand for them rising significantly over the past few years, commercial real estate is sure to take the Indian realty map to the next level. Putting light on the current trends of how commercial real estate is conducting in our country, Mr. Rupesh Gupta, Director, JM Housing explains “As far as commercial real estate in India is concerned, it is already witnessing a boom in the market due to a high demand of office, retail and hospitality spaces. This will continue to grow as the developers are planning and introducing newer and unique concepts with respect to enhancing the official lifestyle of a user such as providing homely facilities like spa, gyms, yoga centres, jogging tracks, café areas, restaurants, shopping complexes, etc. at a commercial property. Features like these are sure to keep the demand graph rising for commercial properties”.

As the demand for commercial properties increase, meeting the supply will become crucial. Our Hon’ble Prime Minister Mr. Narendra Modi has been keeping extremely busy by making foreign visits and attracting FDI. Over the last one year, more than 20 countries have been pursued and FDI has sharply risen by more than 50 percent. Now what about global giants planning to setup offices in India, and why only metro cities? Just like Housing For All, if commercial spaces are made available everywhere, individual regions will grow and will be able to satisfy regional demand as well. “There is no point in creating homes for everyone if people cannot afford to buy one. To make them buy, we need to provide employment with better scales and even better environment. Just like homes, commercial spaces need to be made available across the country, so as to allow overall growth of the realty sector of India and the economy as well. Housing For All is now in pipeline, but Commercial For All needs to thought off by the government”, concludes Mr. Deepak Kapoor, President CREDAI-Western U.P. & Director, Gulshan Homz.



Delhi/NCR: Taking customer interface and client satisfaction forward, Rudra Buildwell has gone ahead and launched a smartphone application to serve as a bridging platform and help it connect well with the prospective and existing buyers of real estate sector. This application is available both on Android and iOS platforms, hence establishing maximum reach to individuals on the lookout for roofs. This launch has come out as a breakthrough in the real estate sector because of the unique concept this app has brought about with itself.

Exploring on the app, one can see that every aspect of a buyer has been covered across this app which is very much evident from the fact that includes all features that are relevant to a potential buyer. Key highlights of the app are listed below:

  • It has the availability of location details, layout map of projects and layout of flats being offered in the project.
  • The app covers all involved stakeholders of a project and these are listed project wise such as the architectural consultants, structural consultants, etc.
  • The progress of construction is posted on the app from time to time through images of the construction sites.
  • The contact and enquiry details of the organization are offered on the app in case somebody wants a first-hand contact option.
  • Features of mortgage calculation and amortization graph for details on the finance front.
  • The app also features a contact centre which helps the buyers connect with it over the social media and also on an individual basis.

Content with the idea of this app, Mr. Mukesh Khurana, MD, Rudra Buildwell was quoted “Real estate is still much unorganised sector in India. It is a very proactive approach from our end which we have taken up in order to connect well with our buyers. It will definitely help us become more active on the digital platform and provide customers with segregated options to connect with us in any and all ways possible. One more thing which we have added in the app is the mortgage calculator along with an amortization graph supporting the same. This will reduce the buyer efforts of visiting their financial institutions multiple times for the details of loans and pay-out timeline details. We have made it a point to answer all customer queries within the first 24 hours of it being raised. We hope that this becomes a pathway for many other players from the realty sector to connect with their buyers on the digital front.”

About the Company:

Rudra Group is an organization of zealous engineers and space planers, rich in experience and high on commitment. The motto of the group is to ensure a better tomorrow by providing people with improved quality of life and living standards. Here we don’t consider our work to be a daily routine rather we strive to build every home as a fine piece of architecture. We go a long length to arrive at seamless blend of aesthetics, materials and location. It goes without saying that we stand committed to our motto of delivering excellence in every sphere of construction right from the stage of planning to timely possession. We make every effort to ensure customer satisfaction.



      The month of October in India is full of festivals due to which market sentiments ride high. This push in these sentiments of the people is largely due to the industries and sectors offering varied lucrative deals and at the same time, this season is considered an extremely auspicious time for big purchases such as property, vehicles, gold, etc. Thus, as the retail footfall increases, so does the conversion rate. We are currently in progress with the 15 days of Shradhs (Pitrupaksha), which will be immediately followed by 9 days of navratris and on the tenth day, Dussehra. Later after twenty days comes the 5 days of Diwali that starts with Dhan Teras, then Naraka Chaturdashi (Chhoti Diwali), then Deepawali (Badi Diwali), Govardhan Pooja and concluded with Bhai Dooj. Hence, for over a month, Indian crowd is filled with joy and enthusiasm of buying something new and something big. Thus, property market of India during this time is observed to be highly fruitful for all; buyers, developers and the economy as well.

RBI provides the first gift:

“I don’t know what you want to call me. Santa Claus or Hawk… My name is Raghuram Rajan, and I do what I do”. No matter what and any number of times Mr. Rajan might say this; but the fact will remain true. RBI’s move of reducing the repo rate just before the Indian festive season by 50 basis points has come out as a huge relief for the borrowers in the realty sector and Mr. Rajan’s strategic and analytical frame of mind is the key behind this decision. “Investing in property involves heavy duty fund management and allocation. Those buying a property on loan are under a double-edged sword, where high EMIs can sting hard. Thus, this move by RBI will provide the property buyers with reduced EMIs, thus reducing pressure on their pockets”, states Mr. Vikas Bhasin, MD, Saya Group. This festive season, Saya Group is offering 10:80:10, No pre EMI scheme for its recently launched project ‘Saya Gold Avenue’ located at Ghaziabad. “We at Saya Group are providing new festive payment plan under a 10:80:10 scheme along with No Pre EMI clause on our project Saya Gold Avenue where one can pay 10% at the time of booking and 80% from bank funding and remaining 10% on offer of possession. The catch here is that, till offer of possession of unit, customers are not liable to pay the instalments to bank”, adds Mr. Bhasin.

Adding to the view, Mr. Sudeep Agrawal, MD, Shri Group says “For every business, this is the perfect time to come out with something new in the market so as to generate the highest sales. It has been also noticed that customers believe this time period as the most auspicious time to invest and invest big, such as a car, gold or even a property. Thus, festive season in India is very crucial with respect to enhancing sales and offering the best deals in the market. We have also come out with a festive season scheme and two new payment plans this year for our new customers, for our project, ‘Shri Radha Sky Gardens’ located at Greater Noida West”. The company is offering scheme valid only for new buyers for top floor apartments of the project ‘Shri Radha Sky Gardens’. A customer interested for 2 BHK/2BHK + Puja units can take a discount of Rs. 90,000 or 3 ACs free of cost. Customers interested for 3 BHK units can take a discount of Rs. 1,20,000 or 4 ACs free of cost. The company has also come out with two new payment plans; special payment plan Rs. 3,200/- all-inclusive with dedicated open car parking and subvention payment plan Rs. 3,395/- all-inclusive with dedicated open car parking.

Offer of possession making way for new purchases:

A stable property market is one where not only the demand and supply is balanced, but one where on-time delivery of projects take place plus a decent 6-9 months of unsold inventory is maintained to meet the sudden demand or ready-to-move-in demand of buyers. At times, more than new purchases, offering of possession are considered to be bigger news in the sector as a customer has already made the complete payment of the unit. This also helps in pushing the market sentiments forward which paves way for the demand for fresh property purchase. For instance, NCR realty major RG Group has announced its readiness for possession of its much acclaimed project, ‘RG Residency’ located at Sector 120, Noida. Also, the company will be ready to offer the possession of its other project ‘RG Luxury Homes’ located at Greater Noida West by financial year end, next year.

“In the upcoming festive season, Navratris and Diwali are considered to be an auspicious time for investing. And the best investment in today’s time is property as the returns are higher and any scheme is a big draw for any buyer. We at Ajnara are providing a new 7-7-7 scheme where the customer needs to pay only 7 percent of the property cost at the time of booking; get Rs. 7 lakh discount and the unit will be offered for possession in the next 7 months”, explains Mr. Ashok Gupta, CMD, Ajnara India ltd. The company is offering a 7-7-7 scheme this festive season, where it offers a discount of upto Rs. 7 lakhs and possession in next 7 months. To avail this benefit, homebuyers have to pay 7 % of the property cost at the time of booking. This scheme is available for Ajnara Daffodil, Ajnara Gen X, Ajnara Integrity, Ajnara Le Garden, Ajnara Homes, Ajnara Ambrosia and Ajnara Panorama. Thus, the company is ready to offer new deals and schemes this season as well as offer possession in the upcoming months. “This time of the year is expected to create heavy footfall as the customers are eagerly waiting to invest during the festive season. This time being considered auspicious, the demand for property is very high and thus, provokes the developers to offer unique schemes. We believe that providing add on goodies to a flat not only reduces certain monetary burden off the customers but also gives a superior look to the home. We are offering fully installed modular kitchen with chimney for Ground floor buyers and fully installed modular kitchen with chimney along with 4 installed split ACs for top floor buyers”, elucidates Mr. Deepak Kapoor, President CREDAI-Western U.P. & Director, Gulshan Homz. For its project ‘Gulshan Ikebana’, the company has offered add-on goodies for ground floor and top floor units. A completely installed Modular kitchen with chimney will be provided to the ground floor flat buyer and completely installed Modular kitchen with chimney, and in addition to this 4 installed split A/C (brand- LG/Samsung 4 star rating) will be provided to a top floor flat buyer. Gulshan Homz will also be in a position to offer possession of phase 1 of its project Gulshan Ikebana, located at Sector 143, Noida Expressway in the upcoming few months.

Festive season to revive the sector:

One month is good enough time to make a comeback in any sector or industry. Reduced repo rate resulting to reduced lending rates by banks, falling property prices and developers working hard to complete projects is provoking the market to gear up fast for a revival. Hence, this festive season will fuel the revival chances and bring along a strong wave of fresh future demand. Realty major of NCR, JM Housing recently announced the offer of possession of its residential project ‘JM Aroma’, located at Sector 75 Noida. The company had successfully delivered ‘JM Orchid’ at Sector 76, Noida back in 2013. For this festive season, the company has come out with new payment plans for its projects ‘JM Florence’ and ‘JM Aroma’. A 30:70 festive payment plan for JM Aroma and 5:95 plan for JM Florence. “In India, buyers generally prefer to buy properties during some auspicious events and upcoming festive season commencing with Navratri is considered as one of the most holy times of Hindu calendar and we usually witness a greater footfall of customers as compared to other days. Keeping this in mind, this year we have launched two different schemes for our two projects. 30:70 payment plan for JM Aroma, where 30 percent of the amount is to be paid at the time of booking and rest on possession. Also, 5:95 payment plan with No EMI till offer of possession for JM Florence where 5 percent of the amount is to be paid at the time of booking”, avers Mr. Rupesh Gupta, Director, JM Housing.

Another popular name in the real estate sector of NCR, Rudra Buildwell Pvt. Ltd. has come out with a special scheme for buyers who are interested in buying units that are 1,450 sq. ft. in size or above. As per the scheme, the company will provide the unit with a complete modular kitchen. This scheme will only be available at the time of 9 days of Navratris. “Navratris, the special nine days of Hindu calendar is a much awaited festive time for most. This is the time when buyers invest maximum in real estate and other assets. Customers in India have a general feeling that investing or buying some asset during this season is proved to be extremely lucky. For the real estate sector, this season is supposed to be the highest sales and revenue earner throughout the year. A very obvious reason is that, most developers offer heavy discounts and offer unique payment plans and schemes to lure the customers. Going ahead with this frame of mind, we are also coming out with our own festive season scheme for the customers. We hope that these nine days prove to be productive for the sector as well”, concludes Mr. Mukesh Khurana, MD, Rudra Buildwell.