Realty experts say the lack of Buyer confidence in builders due to delays in behind poor home sales this festival season; #Diwali2016.
The festive season is at its peak but the traditional increase in home sales seen during the period is yet to be witnesses in the triCity of Chandigarh, Panchkula and SAS Nagar.
Instead, builders are pessimistic about market recovery. “Generally, during the festive season, starting with the Navaratri celebrations, there is an increase in home sales. This tine, the buyer response is tepid. In fact, the number of people trying to sell properties is more than the home buyers. Fir builders, its one of the most disappointing festive seasons in the fast few years.” says Anil Chopra, chairman of the Punjab unit of the confederation of Real Estate Developer’s Association of India.
Like previous festive seasons, builders are offering freebies and discounts on home prices but the buyer isn’t enthused. Freebies and discounts not with standing, buyer are showing little interest. Only ready to move in hones are doing better in terms of sales.
Realty experts say the lack of buyer confidence in builders is behind poor home sales this festive season. Endemic possession delays and paper possession (where possession is given on time but without proper infrastructure) have hit buyer confidence.
Builders say, State Governments are equally to Blame.
The GOVT. has failed to manage housing sector. Its policies regarding approvals and regulation governing the hosing sector keep changing frequently, leaving the builder at the mercy of the state bureaucracy. This is also no mechanism for granting time bound approvals to the builders, which also contribute to possession delays.
State govt. have been promising the single window approval system for years but not one state has effectively made this operational. Its one of the major factor for project delays.
Source: HindustanTimes; 29th Oct 2016
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