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Commercial property demand witnesses increase during Navratras, festive season
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SME Times News Bureau | 12 Oct, 2021
Real estate giants said the sector is recording a surge in commercial
property demand during the Navratras and the festive season.
The time from October to December plays an important role in giving a new direction to the real estate sector.
People
are showing enthusiasm to buy property on Dwarka Expressway, Southern
Peripheral Road (SPR), Golf Course Road, Delhi-Jaipur Expressway,
Manesar, Pataudi, Farrukhnagar road and Sohna areas of Gurugram. Various
types of offers and discounts are being given by real estate companies
to attract customers.
Property experts say that a new thing is
being noticed in this festive season. While the automobile sector used
to be the leader of the festival season for the past few years, this
time the situation seems to have changed. Due to a shortage of
semiconductor chips, vehicles are not being produced as per the demand.
This
is also one of the major reasons people are investing in property. Real
estate expert Atul Sharma says that the demand for property in Gurugram
is increasing rapidly.
Sharma asserted that the demand for
commercial and residential properties in New Gurugram is fast emerging.
People living in rented houses in the Delhi-NCR region are now taking a
step forward with buying homes.
"This festive season, M3M is
going to delight the market with the premium residential offering, in
line with the current needs of the customers. With people being confined
to homes in the new normal for a long period, the demand for homes with
ultra-modern amenities will undoubtedly catapult in the festive season.
In the offing, we have planned low rise developments (2.5bhk and
3.5bhk) with all the benefits of a condominium which means a low rise
format but with all the condo features like security, open landscaped
terraces, new-age tech features," said Pankaj Bansal, Director, M3M.
"In
the commercial segment, we are providing pre-leased investment
opportunities with attractive propositions like 9 years lease, a 3-year
lock-in period, in M3M Corner Walk-in SPR that we have just delivered
and also signed up more than 200 leading brands," he added.
"Buying
a home during the festive season is believed to bring good luck and
opulence in life, therefore, people wait for this time of the year. The
Navratras and the festive season always sees a marked uptick in
enquiries. According to the industry reports, the NCR market is expected
to see nearly 16,000 new units in the festive quarter with a growth of
more than 50 percent in 2021.
"Additionally, the season will also
end market uncertainties brought on by the pandemic. Boost in consumer
confidence, vaccination drives, and most importantly the increased
attention towards the importance of owning a home will become the key
enabler of growth in the residential real estate segment in the next
months of this year," Ashish Sarin, CEO, Alpha Corp Development Pvt Ltd
said.
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