By: Ravi Sinha
Track2Realty Exclusive: The Mumbai property market seems to be determined to break the jinx this festive season with new launches, offers, changed marketing formats and even price correction. If the market trend so far is any indication, it is quite apparent that the developers have gone through the learning curve in the last 2-3 years and are now determined to break the jinx. In this endeavour to bounce back, buyers are smiling all their way to property search and in the process the city property market is defying the collective consciousness of being an over-heated realty market.
Sector experts believe the upward trend during the ongoing festive season after a long spell of slowdown due to lack of approvals, high interest rate, price escalation and general downtrend in consumer demand, may be the beginning of a revival in both the fortunes as well as the developers’ overall outlook.
As a matter of fact, the participation of 120 developers with 1500 properties to showcase during the property exhibition of MCHI-CREDAI prior to Diwali also indicate the developers’ positive outlook that the festive season would boost the property market. Aiming to woo potential buyers by displaying a variety of properties in its four-day property exhibition beginning on November 1 in BKC, they are showing optimism despite of a lull in the market.
An optimistic MCHI-CREDAI President Paras Gundecha says, “With the ongoing festive season, coupled with the revival of interest among home buyers, this exhibition is the ideal destination for a cross section of people. Apart from the wide range of properties, we also have facilities for spot finance with as many as 15 housing finance companies participating. We are sure all visitors will enjoy the experience here.”
Facts speak for themselves. In the Mumbai realty market close to 40 odd projects have been launched by above 20 realty companies, like Lodha Group, Godrej, Sunteck, Omkar, Kanakia, Ajmera among others.
Omkar Realtors has launched one of the biggest premium residential projects Omkar Alta Monte in Mumbai suburb Malad, spanning over 15 acres in the western suburbs with apartments priced Rs 1.9 crore upwards.
“We feel the timing is right with market getting into a fairly receptive mood after a long lull. In our case, our iconic residential project is riding on a great location, pricing and unheard of amenities,” says Bharat Dhuppar, Chief Marketing Officer (CMO), Omkar Realtors & Developers.
…..to be continued
