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Rediff.com  » Business » Builders bet on Modi govt, ask buyers to invest now

Builders bet on Modi govt, ask buyers to invest now

May 15, 2014 10:31 IST

Builders bet on Modi govt, ask buyers to invest now

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Mansi Taneja

With the results of the recently-concluded Lok Sabha elections to be declared on Friday, realty developers are trying to push sales by riding high on the euphoria there would be a stable government.

"Prices will be revised from Friday. Don't get left behind," read a developer's SMS to potential customers.

"Book your property without any further delay. Choose from plots, luxury villas, independent floors and a range of apartments in your preferred city and avail immediate price benefits," read an email advertisement from Unitech. Similar messages are being circulated by agents from Ansal, Vatika Group and M3M.

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Image: Realty sector, struggling with low sales and high inventory, might get a push after elections, feel experts.
Photographs: Reuters

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Builders bet on Modi govt, ask buyers to invest now

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The sector, struggling with low sales and high inventory, might get a push after elections, feel experts.

"Prices will get revised, but not immediately. After five-six months they would move upwards, provided there is economic stability," an analyst said.

Sudhir Pai, business head, Magicbricks.com, says, "Real estate is bound to remain attractive in the medium term, with faster growth expected in Tier-II cities."

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Image: Builders are sending sms messages to home buyers to book a flat before formation of the new government.
Photographs: Reuters
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Builders bet on Modi govt, ask buyers to invest now

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But active interest would take six to nine months, since consumers expect prices to go up six months after the elections.

"No doubt the action and inaction attributed to the current government have made buyers and developers anxious," said Ramesh Nair, chief operating officer, business, JLL India.

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Image: Real estate is bound to remain attractive in the medium term, with faster growth expected in Tier-II cities.
Photographs: Reuters

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Builders bet on Modi govt, ask buyers to invest now

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Anshuman Magazine, chairman and managing director, CBRE India, said, "If the poll outcome is a strong government, the sentiment would improve.

But unlike the stock market, real estate cannot bounce back on sentiment alone." Economic fundamentals had to improve and interest rates had to come down for demand and revival, he added.

 


Image: There could be an upward revision in price of property post elections, say industry watchers.
Photographs: Reuters

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