Commercial property demand witnesses increase during Navratras, festive season

Gurugram, Oct 12 (IANS) Real estate giants said the sector is recording a surge in commercial property demand during the Navratras and the festive season.

The time from October to December plays an important role in giving a new direction to the real estate sector.

People are showing enthusiasm to buy property on Dwarka Expressway, Southern Peripheral Road (SPR), Golf Course Road, Delhi-Jaipur Expressway, Manesar, Pataudi, Farrukhnagar road and Sohna areas of Gurugram. Various types of offers and discounts are being given by real estate companies to attract customers.

Property experts say that a new thing is being noticed in this festive season. While the automobile sector used to be the leader of the festival season for the past few years, this time the situation seems to have changed. Due to a shortage of semiconductor chips, vehicles are not being produced as per the demand.

This is also one of the major reasons people are investing in property. Real estate expert Atul Sharma says that the demand for property in Gurugram is increasing rapidly.

Sharma asserted that the demand for commercial and residential properties in New Gurugram is fast emerging. People living in rented houses in the Delhi-NCR region are now taking a step forward with buying homes.

"This festive season, M3M is going to delight the market with the premium residential offering, in line with the current needs of the customers. With people being confined to homes in the new normal for a long period, the demand for homes with ultra-modern amenities will undoubtedly catapult in the festive season. In the offing, we have planned low rise developments (2.5bhk and 3.5bhk) with all the benefits of a condominium which means a low rise format but with all the condo features like security, open landscaped terraces, new-age tech features," said Pankaj Bansal, Director, M3M.

"In the commercial segment, we are providing pre-leased investment opportunities with attractive propositions like 9 years lease, a 3-year lock-in period, in M3M Corner Walk-in SPR that we have just delivered and also signed up more than 200 leading brands," he added.

"Buying a home during the festive season is believed to bring good luck and opulence in life, therefore, people wait for this time of the year. The Navratras and the festive season always sees a marked uptick in enquiries. According to the industry reports, the NCR market is expected to see nearly 16,000 new units in the festive quarter with a growth of more than 50 percent in 2021.

"Additionally, the season will also end market uncertainties brought on by the pandemic. Boost in consumer confidence, vaccination drives, and most importantly the increased attention towards the importance of owning a home will become the key enabler of growth in the residential real estate segment in the next months of this year," Ashish Sarin, CEO, Alpha Corp Development Pvt Ltd said.