Afternoon D & C Dedicated To Mumbai
Home > Property > Can Ganesha make a 'real' difference?

Can Ganesha make a 'real' difference?

Friday, August 25, 2017

Ganesh Chaturthi is the apt time to mark the start of big things and the real estate market is well aware of the same. Suraj Uchil tests the festive sentiment post RERA and GST

By the time you wake up today, freshen up and start reading this article, it would be hard to miss out the enthusiasm and zeal in the air. There would be old devotional songs being played. And if the bunch of flyers and ads don’t make it apparent enough for you, please note that today is one of the most important day in the Indian calendar. It is Ganesh Chaturthi, the start of the festival season in India.

While Lord Ganesha is hailed as the lord of many things, he is best known as the god who is worshipped at the start of any activity. People generally start any deed by performing a pooja of Lord Ganesha. This makes Ganesh Chaturthi the apt time to mark the start of big things and the real estate market is well aware of the same. Hence, in the coming days, you will find yourself surrounded by ads of real estate properties.

Importance of Ganesh Chaturthi
“Ganesh Chaturthi has always been an auspicious time to invest for home buyers. People either invest or at least give a token amount on their property purchase as they feel that doing any transaction on this day will be a definite success”, says Harit Goenka, a consultant who had purchased a flat in Thane at the time of Ganesh Chaturthi.

In a country filled with different traditions and cultures, Ganesh Chaturthi has managed to find space almost throughout the country. So, it becomes a good opportunity for the developers to connect with the people.Manohar Shroff, Vice President, MCHI-Navi Mumbai Unit, explains the same. “Indians have a lot of attachment value. Many consider this time up unto Diwali to be very auspicious time to invest or buy properties. Even if they plan to buy it during Diwali, their hunt will always start during Ganesh Chaturthi. Even this year, the enquiries have started coming in numbers.”

Impact of RERA and GST
With the implementations of RERA in June and GST in July, the government has done a clean overhaul of the real estate working pattern. While the implementations have got mixed reviews from the buyers and the developers, some part of the real estate community feel that the sudden move has left them in a spot. Arun Jadhwani ,CEO, Ayush Developers feels that while GST has been good for properties which have already completed construction, developers who still have properties under construction are severely hit.

“We were already just recovering from the effects of RERA when GST happened. 12% tax on the property for which we earlier paid only 6-6.5% is a bit steep according to me. With a lot of restrictions caused by RERA and the buyers not wanting to pay the extra tax on under constructed properties, many of the developers are left in a lurch. But as they say, the Ganesh Utsav usually brings about good luck to the home buyers investing at that time. This might come true for the developers as well this year. Plus as and when the air clears around RERA and GST, the potential customers will start rolling in.” he adds

The Step Ahead
Sandeep Sadh, CEO, Mumbai Property Exchange Pvt. Ltd. feels that with the times going ahead, the concept of auspicious timing will be a thing of the past. “For majority of us, yes these festivals are good as people tend to come in more, enquire more and even purchases during these festive times is more as compared to others. But unless the developers come up with real good deals, people just won’t come forward. The math is simple; people are already pegged up due to the festive spirit but are hesitant due to the price hike or the ambiguity around GST. If the developers come up with sops and discounts, it will act as a major booster to get the customers involved.”

“Some of the developers are offering upto 50% discount on the GST to the homebuyers, which will not only help lower their burden to some extent but will also help the developers to gain some traction in the market. These discounts will majorly help the developers sell their under construction properties”, says Manohar Shroff.

While the sentiment value of people are pretty high during these festive time, the clear picture is that sales and enquires don’t happen on sentiments alone. Agreed it’s a convincing factor, but it’s not the only factor which makes it very important for the developers to cash in as hard as possible on these times and come up with variety of offers to attract the buyers. So this Ganesh Chaturthi keep looking for your dream house, seek discounts and don’t let the chance go.

Ganesh Chaturthi has always been an auspicious time to invest for home buyers. People either invest or at least give a token amount on their property purchase as they feel that doing any transaction on this day will be a definite success.
 - Harit Goenka, Thane

COMMENTS
No Comments Posted
POST YOUR COMMENTS
Name:  
 
Email:    
Comments:
 
 
We are married since a few months. I am 21+ and m
Dr. Rajan B. Bhonsle, M.D. (Bom)
Consulting Sex Therapist & Counsellor
Dr. (Mrs.) Minnu R. Bhonsle, Ph.D.
Consulting Psychotherapist & Counsellor
Astrology
Select Sun sign:
 
Aries (Mar 21 - Apr 20)
Aries (Mar 21 - Apr 20)You may get a few offers, which can help career goals. It can lead to major changes in your life. Weigh the pros and cons carefully before taking a final decision as it may mean a change of routine affecting family life. There will be regular travel which keeps you on the move.
- Advertising -
Read More