BENGALURU: After a slowdown during the second wave of COVID-19, the property market is picking up, thanks to progress in vaccination drives and a festive mood among home buyers. Markets, especially sales of new housing units, began improving in July, when the state government unlocked areas to kick-start the beleaguered economy, and saw more activity in August.
The figures of the Department of Stamps and Registration for the two-month period reflect a positive sentiment on the property front. In July, over 2.1 lakh property documents were registered, generating revenue of Rs 1,217 crore. The highest sales were recorded between August 8 and 20 after Ashadha, considered an inauspicious phase, ended, and officials expect document registrations to go up to 3 lakh in August.
New home sales, which were stagnant for 18 months, have risen sharply in recent weeks, easing concerns in the real estate sector, which is repeatedly facing disruptions linked to the pandemic and shortages of labor and raw materials. Was. according to officials of Revenue DepartmentNew homes sold in , Bengaluru and rest of the state have been 10-30 per cent higher in the July-August period than the average sales seen during the pre-Covid years.
CREDAI-Bangalore Chairman Suresh Hari said the sector is showing signs of revival after almost 18 months of sluggishness. He said that lower home loan rates, few tax benefits and credit linked subsidy schemes of the central government have helped in improving the sentiment. Some other experts say that the state government’s measures, such as reducing the stamp duty from 5 per cent to 3 per cent for houses between Rs 21 lakh and Rs 45 lakh, and slack in demand have also spurred the revival, some say other experts.
Gaurav Mohta, Chief Marketing Officer, Home First said, “Over the past year and a half, people have realized the importance of owning a property and having a permanent roof over their heads, and this sentiment is driving the demand for real estate. ” Finance. Developers are making extra efforts to woo buyers by offering deal suitors such as a discount per square foot rate and an extended timeline to pay the down payment.
According to Darshan Govindaraju, director of Vaishnavi GroupProperty prices have stabilized in the wake of the pandemic and many consider it the best time to invest as they anticipate a rise in rates in the coming years.
Errol Fernandes, Chairman and Managing Director, Ferns Estates said that the stock market has made significant gains in the last one year. “Historically, we have seen real estate prices always move with a lag, and this view is driving the housing market as well,” explained Fernandes.
Monica Mathias, director of Hoysala Projects, cited American billionaire Warren Buffett’s line “Time is a friend of the amazing business…” to say that even a well-chosen property can be a powerful financial ally over the years. “So, buying the property today could prove to be a value buy,” said Matthias.
The figures of the Department of Stamps and Registration for the two-month period reflect a positive sentiment on the property front. In July, over 2.1 lakh property documents were registered, generating revenue of Rs 1,217 crore. The highest sales were recorded between August 8 and 20 after Ashadha, considered an inauspicious phase, ended, and officials expect document registrations to go up to 3 lakh in August.
New home sales, which were stagnant for 18 months, have risen sharply in recent weeks, easing concerns in the real estate sector, which is repeatedly facing disruptions linked to the pandemic and shortages of labor and raw materials. Was. according to officials of Revenue DepartmentNew homes sold in , Bengaluru and rest of the state have been 10-30 per cent higher in the July-August period than the average sales seen during the pre-Covid years.
CREDAI-Bangalore Chairman Suresh Hari said the sector is showing signs of revival after almost 18 months of sluggishness. He said that lower home loan rates, few tax benefits and credit linked subsidy schemes of the central government have helped in improving the sentiment. Some other experts say that the state government’s measures, such as reducing the stamp duty from 5 per cent to 3 per cent for houses between Rs 21 lakh and Rs 45 lakh, and slack in demand have also spurred the revival, some say other experts.
Gaurav Mohta, Chief Marketing Officer, Home First said, “Over the past year and a half, people have realized the importance of owning a property and having a permanent roof over their heads, and this sentiment is driving the demand for real estate. ” Finance. Developers are making extra efforts to woo buyers by offering deal suitors such as a discount per square foot rate and an extended timeline to pay the down payment.
According to Darshan Govindaraju, director of Vaishnavi GroupProperty prices have stabilized in the wake of the pandemic and many consider it the best time to invest as they anticipate a rise in rates in the coming years.
Errol Fernandes, Chairman and Managing Director, Ferns Estates said that the stock market has made significant gains in the last one year. “Historically, we have seen real estate prices always move with a lag, and this view is driving the housing market as well,” explained Fernandes.
Monica Mathias, director of Hoysala Projects, cited American billionaire Warren Buffett’s line “Time is a friend of the amazing business…” to say that even a well-chosen property can be a powerful financial ally over the years. “So, buying the property today could prove to be a value buy,” said Matthias.
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