Saturday, September 19, 2009

Festive season, low loan rates... real estate sector scales north in tricity assetventures

Chandigarh As global economy shows signs of recovery, reasonable investment has been registered in the sector
With the festive season approaching and signs of global economic recovery visible, real estate business has picked up in the tricity.

Though it will take a few months to revive the sentiment, experts say, reasonable investment has recently been registered in the sector.

While the developers are offering festive discounts and schemes to clear the inventory, banks are also offering discounts on home loans.

“I was keeping a tab on projects in the tricity for over a year. Considering this the opportune time to invest in property, I have invested around Rs 50 lakh for a three-bedroom flat in Mohali,”Ankit Saini, a resident of Chandigarh, who works in Merchant Navy.

“I could also negotiate a discount of Rs 4 lakh on the apartment,” he added.

While banks are attracting the customers with lowered interest rates and no procession fee for a limited period on home loans, buyers are eager to cash in as rates are expected to increase by January-March.

To make the most of changing sentiments of buyers, developers are offering extra amenities in flats, lucky draw prizes and discounts to the early birds.

“Free parking and cupboards that amount to Rs 50,000 are offered to buyers who make purchase during navrataras. A lucky draw will also be conducted to offer full furnishing for flats,” said R S Bhullar, Vice president ATS Infrastructure Limited.

He claimed that the residential project in Dera Bassi had marked a sale of 30 units in three months. Real estate consultants said once the buyer started making the transactions, the investors responded.

“The real estate sector is recovering in the region. With the festive season starting from Saturday, the trend is expected to go up,” said Rajesh Kalra, a property consultant.

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