Nagpur: As if the impact of slowdown and slack buying was not enough, the lockdown owing to Covid-19 has completely thrown the businesses, particularly real estate market out of gear. Even as the real estate has lost its steam to pull buyers out of hibernation and compel them to invest, a money-minded journo from the house of a prominent print media has tried to create a fake aura of ensuing boost in Nagpur’s property market, just to draw some business from the sleepy builders. While the buyers and investors struggle hard to cope up with their limited funds, few builders are left with no options but to fall prey to manipulating gimmicks of such paid reporters who boost their own business instead of doling out a bit of benefit to the builders.
A news published in one of the local newspapers deliberately tried to paint a rosy picture of Nagpur’s real estate scene by projecting a baseless claim on rising demand of homes in near future. Soon after the report was published, many stakeholders in Nagpur’s property market including small time plot sellers, real estate companies and brokers started using the news clip as their ticket to sale. Many such real estate operators promptly posted their advertisements on social media along with this news clip. However a reality check by Nagpur Today immediately exposed the authenticity of this report.
Builders must beware of polishing elements
As the city is gradually unlocking in the backdrop of spread of Coronavirus, not only the citizens are skeptical about placing any bets in property market, but the builders are equally worried on how to reinstate confidence among customers and turn them into buying mode. Taking undue advantage of this situation, few journalists backed by their marketing team are out to play with psyche of builders’ community who are being provoked to project unreal and artificial boom to cash on their real estate business.
The dark spell
The grim situation in property sale is certainly not hidden to anyone. Both the builders and buyers shall agree in tandem that even the period before lockdown deadly fell thud and the sales stood nowhere near to the anticipated business. There had not been much takers for home or investors in property even during last couple of seasons and the sale already diminished during Diwali, Gudi Padwa and few other occasions.
Classify the boost
Gaurav Agarwala, Director of Sandeep Dwellers Pvt Ltd however chose to differ. He was of the view that before bragging about the property demand, a proper classification of real estate is must to understand the market. Talking to Nagpur Today, Agarwala who owns a couple of big ticket residential and commercial projects, said that Nagpur’s real estate scene should be viewed under different categories viz affordable, mid-segment and luxury.
“If you talk about luxury, yes it has taken a hit but the affordable segment has witnessed tremendous buyers as the demand for budget-friendly good quality apartments has only increased during lockdown. Even few of my luxury projects are reeling under slow buying however we have received bumper inquiries for our affordable and mid-segment projects. Even subsidy from Rs 2.33 to Rs 2.67 lakh is helping a lot in boosting the sales. So the demand from actual buyers has increased. But buyers in the luxury segment who usually look for the upgrade, have certainly delayed their decision. The huge cost is certainly a problem in luxury segment but the low cost is all set to register growth in Nagpur,” Agarwala said.
Low interest in FD to fetch big investment in property
Shravan Kukreja, Managing Director of Kukreja Infrastructures having number of luxury projects however said that claiming any forthcoming boost on the basis of uncooked information is uncalled for.
“The report is certainly baseless as I presume that the demand for property in Nagpur would accelerate only owing to lower interest on Fixed Deposits which will prompt the investors to park their funds in real estate. Also the availability of stock is limited in Nagpur unlike in metros like Mumbai and Pune, where huge stock of homes are available as compared to buyers. Here in Nagpur we have limited ready stock which is going to further escalate the demand,” he added.