Festivity Pushes Up Housing Demand in Kolkata

The festive season, especially Dussehra and Diwali, is considered to be an auspicious period for buying home. Considering this as an opportune time, developers and marketing companies in Kolkata offered attractive schemes to buyers which helped in accelerating the sales momentum for residential projects. Giving electronic gadgets like television sets, refrigerators, mobile handsets, cash discounts and parking space at half the price are good for pushing up sales, feel real estate analysts. Customers who wanted to buy their dream homes availed innovative schemes, freebies, gifts and customised services amid the gloom and doom surrounding the real estate sector. This also helped developers clear the piled up stocks in a tough market. Champalal Baid, city based property consultant and owner of Champalall and Co., said buying on the festive occasion happens out of sentiment. “Depending on the project and the dynamics of it, some companies offer silver and gold coins for booking the flats,” he said. Prasun Banerjee, VP – marketing, Modern Properties, said this trend is fast catching up and even Bengalis in these years prefer to pay the token amount on Dussehra and Diwali, while negotiations are done earlier. “This year some mid segment projects in the range of Rs 50-90 lakh were sold off,” said Banerjee and added that his company has booked around seven projects on its clients’ behalf. “Various discounts and cash incentives offered by developers make it lucrative for buyers,” said Pradeep Sureka, ex-Credai head, West Bengal, adding that the inquiries which take place earlier are converted on the eve of festive season. Employment scenario, high inflation and interest rate which had a bearing on the overall sentiment of buyers in last one year has given way to some hope, as innovative schemes are pulling buyers towards deals. However, Nandu Belani, director, Belani Housing Development feels sales would pick up post Diwali as buyers and sellers can concentrate on work now with festivities over. While Jitendra Khaitan, CEO of Pioneer Property Management, believes that ‘nothing comes for free’ during this tough time for realty sector. Talking about a new residential project launch in Salt Lake, Khaitan said it was launched at Rs 3,800 per square feet a week ago. On the industry outlook, Harsh Vardhan Patodia, president, Credai Bengal said, “In next one year, we see the market to be stable. We don’t see any great price rise in the market because of the general economic slowdown. Growth has come down due to liquidity crunch in the market.”