72% brokers and 60% buyers time their property buying decisions with the festive season

Posted: 24 Oct 2011 05:17 AM PDT

New Delhi, 24th October, 2011: A survey conducted by 99acres.com, revealed that the ongoing festive season will bring in cheer in the real estate market. 70% respondents said that freebies and exciting offers during the season do affect their property buying decisions. When we asked the brokers about their outlook for this festive season then 44% said that the demand for new property will go up.
If we further analyze the data city wise, then buyers from Delhi were very optimistic about purchasing property during the festival season. 68% buyers in Delhi, 60% in Mumbai, 57% in Bangalore and 50% in Chennai said that they time their property buying decisions with the festive season. Echoing the same sentiment, 84% brokers in Delhi feel that buyers prefer to buy property during the festive season.
Commenting on the trend, Vineet Singh, Business Head, 99acres.com said “.The festive season is an auspicious period for consumers and we have always seen a lot of deals come through, during this season. He further added “With both global and Indian economy on the precipice of a slowdown and with real estate already under stress for the last 10 months, it is definitely a good time to buy homes. Prices are at attractive levels across India and even though home loan interest rate is high it makes sense to buy now. Interest rates will come down in the next 9-12 months. Also, the slowdown seems to be a temporary blip so one should look at investing now”.
When questioned about the property price trends post the festival season, 58% brokers responded that prices will be stable in the coming months. The survey was conducted among 4000 buyers and approximately 250 brokers in India.