HYDERABAD: With the arrival of Deepavali season, realtors and builders are expecting a rise in home sales this year owing to the auspicious days of the season.
“Buying a home is a very important and major decision for many Indians and they take into consideration all parameters, including muhurtams, when buying one. Normally, Diwali season is regarded as auspicious by home buyers and home sales increase during the season,” says Gummi Ram Reddy, president of the Confederation of Real Estate Developers’ Associations of India (CREDAI), Telangana chapter.
Though Diwali is regarded as auspicious in general, this year realtors and builders are more optimistic owing to the evidence of recovery signs in Hyderabad homes market.
“Though Diwali is considered auspicious, the city realty sector could see only a 10 per cent rise in sales last Diwali due to sluggish market. But we are expecting 20 to 30 per cent rise in sales this Diwali season as the realty market is going through a positive recovery trend now. We surely believe that the season will bring cheer to builders,” says K Gopala Krishna, treasurer of Telangana Real Estate Developers Association (TREDA) and director of Gowra Hallmark Townships.
To cash in on the positive mood and festive season most of the builders are coming up with varying discounts and special campaigns to lure home buyers. Besides discounts, additional amenities like interiors and free registration are offered during the season. For their part, banks are holding special home loans campaign during the season.
“Enquiries about home loans have increased after RBI slashed the interest rate. To further the positive mood we are launching a special campaign. Besides lower interest rates, we have collecting no processing fee for home loans during the season,” says T Hanoji Rao, assistant general manager (home loan sales), State Bank of India, Hyderabad.
Not just builders and bankers but even online property portals like Magicbricks.com have taken up special campaign during the season.
With so many offers, home buyers can definitely look for a good bargain during the season if they weigh all the options and make a proper decision, opine realty sector experts.
‘A Buyers Market Now’
Saying that Hyderabad homes market has become a buyers market now, Syed Basharath Ali, chief executive officer of Tameer Consulting Associates, an architecture engineering and project management consultancy firm with three decades of expertise, gives tips to home buyers on making a perfect buy. In an interview with Express, he points out the most common mistakes made while buying a home and gives some precautions. Here are excerpts:
How is the homes market in Hyderabad now?
Homes market in Hyderabad is a ‘buyers market’ now. Many builders are facing the problem of unsold inventory. As a result, buyers have the option of selecting a flat according to their preferences and also strike a hard bargain on price.
What should buyers look for before buying a home?
First of all, a buyer should know what kind of a home he wants. As buying a home is a dream and investment which consumes lifetime savings, he should take precautions while buying home. But many buyers do not take proper caution due to lack of awareness.
What are the precautions to be taken while buying a home?
They must ensure that the title is clear. They should consider only those constructions which have been approved by HMDA or GHMC and should not fall for a builder’s words that it would be regularised later. Then they should check the sanctioned plan. They should check whether the builder is constructing the apartment as per the sanctioned plan or making any deviations. Many builders, especially small builders, indulge in deviations. Therefore, buyers should check the reputation of builders and also check their past projects to assess quality. Buyers should also should measure the built-up area of the apartment and not buy one which is congested.
But how can buyers take these precautions?
Many buyers are not aware what features they have to look for in a flat. They get misled by flashy images of apartments or villas displayed in publicity material or brochures of builders and developers. Instead of looking for elevation or good look, buyers should consider spacious apartments which have enough ventilation and scope for natural light. Simply, a flat can be considered good if it does not require artificial lighting in the day.
How can a home buyer assess resale value?
A flat will have a resale value only if it is in a good location and constructed with proper planning. As home is bought for generations to last.