Maharashtra is all set to celebrate the spring festival Gudi Padwa and it begins on the first day of Chaitra Month (April -May) coinciding with the harvest season, beginning of the new year as per Hindu Calendar. People celebrate the event by hoisting Gudi on the right side of their houses. It is made of bamboo covered with an overturned copper pot called Kalasha and a brocade filled yellow, piece of cloth (or green or saffron). Legend has it that the festival is a celebration of the victory of Rama over Ravana and return to Ayodhya and it is believed that Lord Brahma, the Creator created the Universe on this day.
Apart from buying new clothes, making special food and dishes, the Maharashtrians also consider Gudi Padwa as an auspicious occasion to buy ornaments, new vehicles, new property or a new house.
Mr. Amit Haware, CEO & MD at Haware Properties in an interview to Corporate Ethos said that consumer confidence in housing properties are at all time high due to Real Estate Regulation Act (RERA) implementation and uncertainties over GST implementation being overcome. Low interest rates and affordable housing focus of India Government has helped the industry, he said.
1) What is the present trend in real estate in Maharashtra post RERA implementation?
Consumer confidence is at an all time high due to the effectiveness of MahaRERA. Many illegal projects have been stopped. Most consumers who had complained at MahaRERA have got their complaints heard and addressed in a short span of time, thus offering the much needed speedy action to resolve issues.
We can see consolidation happening in the market where only those developers with a strong track record and reputation and credibility successfully thriving. I feel we will se further consolidation in the market in the coming years and this will benefit the consumers and industry both in a big way.
MahaRERA has brought in the much needed transparency to the real estate industry and giving the power back in the hands of the consumer.
2) Do you expect the festive season to bring good business for the industry?
Home Loan rates at 8.3% p.a. are at the lowest possible levels in the last decade
PMAY (Pradhan Mantri Awaas Yojana) is offering an unprecedented scheme of a subsidy of upto 2.67 Lacs on affordable home purchases
Tax exemption of upto Rs.2 Lacs on purchase of a home
Infrastructure status on affordable housing giving a huge scope for affordable housing industry to spearhead in the direction of growth
Gudi Padwa is the first festival of the new financial year and as such is a very auspicious time to buy your home with many developers offering great discounts and offers to begin the year on a positive note.
General Market conditions:
The reforms are now over: Demonetization is over. GST has taken shape and clarity. MahaRERA is here. All the reforms that the customers were waiting for are now done and have created this as the time to go ahead and buy your home.
In many projects, in many areas, the rates are constant for about 12-14 months now, making it a really good time to buy before the rates start rising again
MahaRERA has given a huge confidence to home buyers. The small-time developers who were unsure about their deliverables have slowed down. Market consolidation is taking shape and only the developers with strong fundamentals are surviving and thriving. Most customers today are preferring developers with a good reputation and offering good quality over discount schemes.
I feel this will really attract buyers who are in wait and watch mode for a long time- the fence sitters.
3) What are your special offers for Gudi Padwa 2018?
We are having a great offer at Haware Paradise to buy a home in a sports themed nano housing project in the upcoming location Kalyan at a really good affordable prices.
We are offering 1RK Flat at Rs 14.98 lakh onwards (as against Rs 15.45 normal rate), 1 BHK at Rs 25.08 lakh (Rs 25.87 lakh original), 2 BHK Flat at Rs 34.82 lakh onwards (as against Rs 35.91 lakh) and shops at Rs 28.56 lakh onwards (as against Rs 33.32 lakh).
Offering many sports facilites, Haware Paradise is a sports themed affordable nano housing project located at Muthaval, Kalyan. More than 1000 customers have already booked their homes here with Haware Properties making it a really attrcative choice for customers.
4) What is your outlook for the real estate growth in next two years and what will be your focus areas?
I see a lot of growth happening in the affordable housing market. Especially because affordable housing has got industry status giving it priority sector lending rights; the availability of PMAY (Pradhan Mantri Awaas Yojana) and home loan rates being at an all-time low in the last decade.
Our focus will be to create new cities of affordable housing units which will as growth centres for the economy. A bullish run in the real estate sector always bring about cheer in every other industry and the economy as a whole.