by Mr. Kishor Pate, Amit
Enterprises Housing Ltd.
The cloud of gloom and
hesitancy that had overshadowed the nation's real estate market since 2010 has
finally lifted. With the arrival of a strong, business-savvy and very
determined government at the centre and the positive budget announced recently,
stock markets and overall sentiment have revived.
In a nutshell,
financial confidence has returned to the Indian household, and this has special
pertinence to the upcoming festive season.
While the previous
year obviously had all the auspicious days on the calendar, the 'can do' spirit
that traditionally embodies this period in India has still conspicuously
absent. Fence-sitting, cash conservation and risk aversion were the watchwords.
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| Mr. Kishor Pate, Amit Enterprises Housing |
It is remarkable how
this scenario has changed for the better this year. The real estate market,
which had been more or less holding its breath, has finally opened up again.
The fact that home ownership is again high on the priority list of the Indian
citizen is already reflecting in the building crescendo of festive fervour this
year.
It is important to
note that the Indian festive season is not just a collection of dates
historically designated as auspicious for wealth building and property
acquisition. This season is also a major fulcrum of financial planning for
Indian households.
It sets in only after
the closure of annual accounts and clearing of income taxes, leaving families
with a clear oversight of their monetary capabilities. This factor, combined
with the prevailing economic sentiment, will provide the cues for either
extended caution or investments decisions.
Apart from the lifting
of political instability and renewed confidence in the government, there are
other key factors that have helped the Indian property market to revive this
festive season.
Developers in most
cities have prudently desisted from raising their property prices despite the
high escalation of input costs. They are aware that revival is not an event but
a process, and that this process must be nurtured from green shoots to
full-fledged bloom. As a result, the festive season of 2014 brings home buyers
a vast spread of options that they can invest in.
It is inevitable that
sustained market revival and the resulting improvement in demand will
eventually come to bear on property prices. However, this is still at some
point in the future.
For now, it is still
very much a buyer's market and aspiring home buyers hold a clear advantage.
While this festive season will bring the usual gauntlet of freebies, astute
buyers should not be swayed by inconsequential offers. This is an opportunity
to zero in on the best of the available options, negotiate the best deal and
finally make their dream of a self-owned home a reality.
About the author..
Mr. Kishor Pate is CMD at Amit Enterprises Housing
Ltd.
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Mr. Jay Kalghatgi
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