Acche Din for Mumbai’s Real Estate?
Acche Din Aane Wale Hai, ok this is what now Prime Minister Narendra Modi had coined for the common public to win elections. But with restrictions being slowly lifted, Acche Din for Mumbai’s real estate is also being expected.
By Varun Singh
The definition or Acche Din is different for everyone, but the meaning is same for all.
After the second wave of COVID 19 hit the city; the economic activities came to a standstill.
However, restrictions are being eased and path being paved for common citizens to step out.
This will surely impact the economy positively but at the same time the real estate industry is all set to gain.
Real estate mostly depends on sentiments, when the sentiments aren’t good the sales plunge, and when the sentiments are positive the sales see a hike.
The reason why the industry believes Acche Din are on their way, because of the sentiments being that of a opening up of the city, which has seen some of the strictest restrictions in the country.
The city that use to be tagged as a city that never sleeps, saw most of its activities coming to a standstill.
The sales across Mumbai in the initial 10 days of August as per registration figures had crossed the 1844 mark. This compared to last month’s total figure of 9800 is pretty less. However, industry experts say registration figures will see a jump in a few days.
Karma Realtors Yashika P Rohiira explains why she sees good days ahead, “With the new unlock regulations, we are hoping for markets to pick up. Even though the registration figures show otherwise, there are clients scouting for purchase and lease properties. The market might not be in a registration phase, but we are in the exploration phase, where buyers are inspecting properties and are expecting discounted rates. With the new relaxations and trains to begin for public, offices will also start with 50% capacity and that will bring back the lease segment rolling.”
With offices opening up, not just sales but even leasing activities is expected to go up.
Developer and Head of RERA Committee of Builders Association of India Anand Gupta also is of the opinion that the relaxation will benefit the city’s real estate market.
“Once all relaxation’s in opening up economic activities is done, sentiments of people will change. A boost in all economic activists will follow automatically more particularly in the real estate industry,” said Gupta.
From August 15, those who have completed 14 days period post both their COVID 19 vaccine doses shall be allowed to board the local train.