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Sify.com - Finance, October 19, 2007
With the festive season commencing this week, the obvious question is whether the real estate market will witness the same kind of activity this year that it traditionally has all these years? The answer, based on just the first few days after the 'Shradh' period ended, seems to be a loud and decisive 'Yes.'
New Launches
This is the time of the year when builders like to unveil new offerings since the market demand is at its peak during this period. Several township projects in the suburban areas or Thane and Navi Mumbai will witness new buildings or phases being announced over this weekend and the next fortnight.
'Soft' launches, which were not really publicised until now will suddenly be thrust into the spotlight.
Taking Possession
There are several cases where people have booked flats earlier but will only move into their new home during the festive season. Similarly, many builders are also giving possession to their customers during this auspicious period. Those who do not want to shift home mid-year due to their children's education will still prefer to place the 'Kumbh' on one of the auspicious days.
Double Impact
There are also some projects where both these things happen simultaneously. For instance, this Dassera is very special for the Kohinoor City project at Kurla.
Atul Modak, Head - Kohinoor City Project, declares "We are hitting a double whammy - one, giving possession to 421 customers of Phase I, and two, launching Phase II of Kohinoor City on this auspicious day. Yet, I must say that when we invested in this property a few years back, very few people realized its true potential. Kurla was certainly not the area of choice for builders. It was only the far-sighted vision and conviction of our CMD Unmesh Joshi which spurred him to go against popular opinion, invest in this plot and develop it into a prime township. Today, I can proudly say that his vision is being realized with the efforts of the entire Kohinoor City team. Kohinoor Cityzens are going to reap the benefits of their unswerving faith, which they demonstrated by investing their hard-earned money with us when this was nothing but a plot of land."
Standing Out
So in a scenario where everyone is donning the 'festive' tag, how do developers ensure their presence is noted? Kohinoor Group achieved this with several customization drives to cater to customers' needs and innovative ideas to give added services on an ongoing basis.
"Today, realty is no more about selling a flat, but selling a well-equipped home with all possible amenities. Realty is also becoming a part of the service industry," Modak adds.
Rising Prices
Those who failed to book their homes during the 'Shradh' period will have to literally 'pay the price' for their delay. As Vishwajeet Jhavar, CEO, Marvel Realtors and Developers Ltd. of Pune readily confirmed, prices in their projects went up by 15 per cent almost overnight. The Group has also launched large and luxurious projects at Kharadi and near Magarpatta City to coincide with the occasion.
"The festive season is definitely one of the most hectic periods for home buyers and sellers every year and 2007 has been no different. The recent 0.5 per cent reduction in home loans has ensured a positive sentiment among new home buyers. In fact, it was impossible to leave the office for lunch on the first day after 'Shradh', the rush of potential buyers was so tremendous," he said.
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