Impact of Festive Season on Real Estate:
Mumbai is a place where finding affordable housing is difficult. I have just come across to Aarambh - Group Satellite, the best affordable real estate housing in Mumbai.
2020 brought in a storm of uncertainty to mankind. It left people wondering the direction their lives are taking. As things started settling post May and individuals got used to the new normal, it also brought in a new way of work – Work from Home.
Work from home culture has never really been one that India as a country has taken to. The corporate world has always been a space of over worked individuals, leaving a lot less time for family and oneself. With the pandemic forcing the working and business community to set up work stations from home, individuals have come to realize the need for increased space. One that’s well defined between work and family just like balancing work-life, but from home. There’s been a surge in search for homes with increased living space. It’s given room for people to reflect on their interior choices, increasing the searches for home décor. The year has also highlighted the value in owning a property.
Affordable housing and mid-segment properties have seen an increase in search volumes especially during July ’20 – Nov ’20. Group Satellite’s Aarambh saw a jump of 64% in walk-ins during this time. As per reports seen on magicbricks.com, search volumes of 2BHK & 3BHK surpassed that of 1BHK.
As the market is price sensitive especially given the on-going situation, prices during this period were also down by 2% (as per magicbricks.com). Apart from this, developers also launched campaigns with attractive offers and discounts this festive season. Aarambh, a Group Satellite Initiative launched a No GST, No stamp duty offer that saw massive sales during Q3.
The State Government’s decision to reduce stamp duty boosted sales as it pushed fence sitters to complete the buying process. Satellite Developers saw a positive response from this where over 50 buyers completed their registration process during this time frame given.
CNBC reported an optimistic consumer market albeit a cautious one. It was also reported that the volatility of gold and the stock market has played a pivotal role in consumers opting for real estate as the most preferred asset.
The above factors could be a game-changer for the real estate market.
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I am a marketing specialist and a real estate enthusiast, Aarambh is the best project I have come across with.