City realtors say market recovering faster than expected

Nagpur: The coronavirus lockdown was expected to hit the real estate sector hard. However, city builders say they are getting a lot of enquiries and some of them are also materializing. According to them, there are various reasons for upswing in the business including the measures taken by central government.
Mahesh Sadhwani, city president of Credai, said during the lockdown people had realized the value of having their own home. “Earlier, many people used to just come home for dinner and a night’s sleep. During the lockdown they had to stay at home round the clock. People who were not happy living in rented accomodation or a smaller flat are now thinking of buying their own decent-sized house. Those who are working from home have realized they need an extra room where they are can work in peace,” he added.
“Many people from Nagpur, who work in other cities, had got stuck at the homes of relatives here during lockdown. Now they want to buy their own house so they don’t have to undergo the experience again,” the Credai chief said.
Sadhwani further said since last two to three weeks he had received many enquiries from people. “One or two are on the verge of materialization,” he added.
The builder thanked central government for extending the benefits of Pradhan Mantri Awas Yojana (PMAY) for another year. He also said that the Reserve Bank of India’s (RBI’s) move to reduce interest rates had helped the sector.
Builder Ashok Chandak said the sector had already picked up in Mumbai and Pune and good days were ahead for it in Nagpur. “Many people from Vidarbha, Madhya Pradesh and Chhattisgarh had sent their kids to Nagpur for education. They used to stay in hostels and eat in messes. These closed down during the lockdown. The parents realized if their kids were staying in their own flat they would not have been forced to leave the city. Such people are also buying houses here,” he added.
Chandak said those interested in buying a house should do it now. “Right now the market is down. If you have money, buy a property because when market improves in the coming weeks prices will go up. You must also take advantage of the low interest rates,” he added.
Another builder Shravan Kukreja said that the position of his group was comfortable but overall the scenario was not good. “I got a lot of enquiries during lockdown. People whom I had been asking just to visit my properties called me up on their own and expressed interest in having a look at my flat schemes. Some enquiries are now close to materialization. Everybody has realized the importance of owning a decent home,” he added.
Chartered accountant Deepak Heda, however, has a different take on it. “Shelter comes last after food and clothes. Right now food is the priority. Textile factories are closing down due to lack of demand. I dont think realty sector will pick up before Diwali 2021,” he told TOI.